Question: How to solve this problem (finding IRR by excel also by formula to compare results) Please step by step so I can follow? Thanks Miner's

How to solve this problem (finding IRR by excel also by formula to compare results) Please step by step so I can follow? Thanks

Miner's Mexican Grill Inc. plans to open its 100th restaurant by the end of next year. The new restaurant will require an initial investment of $300,000 and an annual operating cost of $31,000. It will have a $62,000 salvage value after 6 years. The company also estimates that the new restaurant will bring in revenue of $43,400 each year. Calculate the IRR of the investment if the company's minimum attractive rate of return is 12% per year.

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