2. Art Grunnion wants to start a company which would build open-ocean speedboats of the highest possible quality. He would put $1 million into the company on October 1, 1993. Even with all its earnings plowed back into the company, he expects that he will have to follow up his initial investment with additional $1 million investments on the company's anniversary date in each of the next four years. In late 1998 (assume that it will be on the 1st of October), he expects to be able to sell the company for $10 million. Calculate the expected IRR for this bit of "venture capital financing." Is it a good investment, if the opportunity cost of capital is 15%.