The cash flows for three different alternatives are given below. Assume that alternatives are replaced at the end of their useful lives.

Determine the IRR between between Q and R, then compete the winner against P and compute the IRR.

Which is the best alternative?

How do you know?

(Hint: You can always verify your answer by using other methods we have covered - PW, EUAW, Graphical, etc...)

This is a difficult problem, please show work! Thank you!