The management of Digital Waves, Inc. is considering a project with a net initial cost of $115,000 and an annual net cash inflow estimated at $30,000 over the project's life of 5 years. The company...

The management of Digital Waves, Inc. is considering a project with a net initial cost of
$115,000 and an annual net cash inflow estimated at $30,000 over the project's life of 5
years. The company has a cost of capital of 6 percent. The project under consideration
has risk that is typical for the company.What is the project's IRR?

Show enough trials to indicate that you understand the process. Show that your answer equates the cost of the project to the present value of future cash flows.