Can someone explain the steps to solve this Internal Rate of Return and Modified Internal Rate of Return problem?
Lepton Industries has three potential projects, all with an initial cost of $1,800,000. Given the discount rates and the future cash flows of each project, what are the IRR's and MIRR's of the three projects for Lepton Industries?
Project Q
Year 1: $500,000
Year 2: $500,000
Year 3: $500,000
Year 4: $500,000
Year 5: $500,000
Discount Rate: 9%
What is the IRR for Project Q