Question: i need the step for solving the qustion 3) A project has an initial outlay of $4,000. It has a single payoff at the end

i need the step for solving the qustion

3) A project has an initial outlay of $4,000. It has a single payoff at the end of Year 4 of $6,996.46. What is the IRR for the project (round to the nearest percent)? A) 16% B) 13% C) 21% D) 15% Answer: D

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