Your firm is considering a fast-food concession at the World's Fair. The cash flow pattern is somewhat unusual because you must build the stands, operate them for 2 years, and then tear the stands down and restore the site to its original condition. You estimate the cash flows to be as follows:
Time Expected Cash Flows
0 ($800,000)
1 700,000
2 700,000
3 (400,000)
What is the approximate IRR of this venture?