1:Write down an equation that you need to solve in order to calculate the internal rate of return for this project. [2 marks]

2:Calculate or state the NPV of this project, at a discount rate that solves the equation you wrote down in (1) above. [1 mark]

Consider the following project. Costs: $100,000, at time t=0. $45,000, at time t= 4. Income: Three payments of $10,000, each one year apart, with the first payment at time t = 1. Four payments of $60,000, each paid every 4 years apart, with the first payment at time t = 4.5