Problem:
Quick Sale Real Estate Company is planning to invest in a new development. The cost of the project will be $23 million and is expected to generate cash flows of $14,000,000, $11,750,000, and $6,350,000 over the next three years. The company's cost of capital is 20 percent.
Required:
Question: What is the internal rate of return on this project?
Note: Please show how you came up with the solution.