Problem:
Juanita has an opportunity to invest in her friend's clothing store. The initial investment is $10,700 and the expected annual cashflows thereafter are as follows: {$400; $500; $1,000; $2,000; $2,000; $4,000; $4,000}.
Required:
Question: What is Juanita's IRR on this investment?
Note: Please show how to work it out.