Question 14 
To the nearest 0.01%, w hat is the Internal Rate of Return of Equity Cash Flows over the modelled 
period, using Excel’s IRR function ? Do not use the XIRR function for this question. [3 marks] 
a. 11.88% 
b. 11.89% 
c. 11.90% 
d. 11.91% 
e. 11.92% 
f. 11.93%