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Answer:
20.02%
Step-by-step explanation:
Formula :
n = 1,2,3,4,5
Substitute the values in the formula :
Solving for IRR using calculator
IRR = 20.02
Hence the internal rate of return if the initial cost of the project is $275,000 is 20.02%
The question is worded a bit strangely (in my opinion anyway), but I think your teacher wants you to describe how exponents work.
Let's say we had the expression
The base is 5 as its the bottom most value (think of something like the base of a tree or building). The exponent is 3.
The exponent of 3 tells the reader to multiply the base 5 by itself 3 times like so
With larger exponents, it becomes more tedious to write out all the repeated multiplications, which is why many calculators have an exponent button to save time.