Answer:
IRR = 25%
Explanation:
See the image below to get your answer.
Explanation: The question has a missing information for which Internal rate of return might change.
There was a cash flow in 2012 and then there was a cash flow in 2014. So, there was no cash flow in 2013. Whenever we have to find the IRR or NPV, we need each year's cash flow. Therefore, we have added 2013 cash flow as "0". With the help of excel, it is easy to find Internal rate of return. Just follow the image, you will find it easier.