Mode Publishing is considering a new printing facility that will involve a large initial outlay and then result in a series of positive cash flows for four years. The estimated cash flows associated with this project are:

YEAR PROJECT CASH FLOW

0 ?

1 $810M

2 $350M

3 $280M

4 $450M

If you know that the project has a regular payback of 2.9 years, what is the project's internal rate of return?

a. The IRR of the project is:

%