Appreciating Excel’s IRR Calculation and Investment Viability Discussion

year cash flow
1 $(3,400,000)
2 $575,000
3 $621,000
4 $670,680
5 $724,334
6 $782,281
7 $844,864
8 $912,453
9 $985,449
10 $1,064,285
11 $699,428

IRR = 17.19% – calculated by excel function IRR()
Therefore, IRR is over 13%, so the mine should be opened

Reference: Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2022). Fundamentals of corporate finance (13th ed.). McGraw-Hill