Problem:
The capital budgeting director of Sparrow Corporation is evaluating a project. The project costs $200,000, is expected to last for 10 years, and will produce after-tax cash flows, including depreciation, of $44,503 per year. The firm's cost of capital is 14 percent, and its tax rate is 40 percent.
Required:
Question: What is the project's IRR?
Note: Please show basic calculation