Laura Corporation is considering the purchase of new equipment with a cost of $41,000. The expected cash inflow from the use of this equipment is $10,000 per year of the next five years. The required rate of return is 10 percent.
Calculate the Internal Rate of Return (6 points).
I need to know HOW to do this problem, and not just an answer...I already found the payback period to be 4.1 years and the NPV to be -3,092.13.