For the net cash flow series shown,

(a) Apply the two rules of sign change,

(b) Find the external rate of return using the ROIC method at an investment rate of 15% per year, and

(c) Determine an i* using the IRR function with and without the ROIC determined in part (b).

Year .................................... Net Cash Flow, $
0 ................................................ +48,000
1 ................................................ +20,000
2 ................................................ −90,000
3 ................................................ +50,000
4 ................................................ −10,000