Question: Please provide step by step explanation Please provide step by step explanation The Cortland Company uses only the IRR method for capital budgeting. Suppose it

Please provide step by step explanation

The Cortland Company uses only the IRR method for capital budgeting. Suppose it is considering a project with expenditures of -$96 today at t = 0. There is no t = 1 cash flow, but at t = 2, there is a positive cash flow of $109. There are no other cash flows attributed to this project. Calcuate to a four-place precision the IRR for Cortland and then convert to a two-place percent for input. Hint: You can use algebra as well as Excel!

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