Scuba Supply Company is considering making an investment of $1,000,000 and estimates that the result of the investment will yield the following returns over the next five years: Year 1 ($500,000) - a loss Year 2 $200,000 Year 3 $610,000 Year 4 $740,000 Year 5 $800,000 Estimate the internal rate of return on this investment.
Can you please show me the detailed formula for solving this without a spreadsheet?