Question: Please answer this question step by step, showing the original equations used and the values plugged into the equations. NO EXCEL! Consider the following financial

Please answer this question step by step, showing the original equations used and the values plugged into the equations. NO EXCEL!

Consider the following financial data for a project: Initial investment Project life Salvage value Annual revenue Annual expenses (including income taxes) $3,000 $15,000 8 years $0 $9,229 (a) What is the IRR (i*) for this project? (b) If the annual expenses increase at a 7% rate over the previous year's expenses, but the annual revenue is unchanged, what is the new IRR (i*)

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