QUESTION $13$

A five$-$year project requires an investment of $-290$ and has the following cash flows in years $1$ through $5,$ respectively $($all cash flows in dollars$)$:

$143,81,230,160,$ and $136.$ Without actually calculating any IRR, what is the maximum possible value any of the real IRRs could have? Give

your answer as a percent with two decimals; e$.$g$.,23\mathrm{.}24($Acceptable error $=0\mathrm{.}5\%)$

QUESTION $14$

A four$-$year project requires an investment of $-166$ and has the following cash flows in years $1$ through $4,$ respectively $($all cash flows in

dollars$)$: $117,254,189,$ and $160.$ Without actually calculating any IRR, what is the minimum possible value any of the real IRRs could have?

Give your answer as a percent with two decimals; e$.$g$.,23\mathrm{.}24($Acceptable error $=0\mathrm{.}5\%)$