The IRR is the r that makes a project have an NPV of $0. You can find IRR in Excel with the built-in IRR function, using the syntax = IRR(range of cash flows). However, it can be tricky. In fact, if the IRR is not near 10%, this function might not find an answer, and you would get an error message. Then you must try the syntax = IRR(range of cash flows, guess), where “guess” is your best guess for the IRR. It is best to try a range of guesses (say, 290% to 100%). Find the IRR of the project described in Problem 34.
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