IRR Calculations from CFP Board released questions December 1996.
Smith invests in a limited partnership which requires an outlay of $9,200 today. At the end of years 1 through 5, he will receive the after-tax cash flows shown below. The partnership will be liquidated at the end of the fifth year. Smith is in the 28% tax bracket.

YEARS CASH FLOWS
0 ($9,200) CF0
1 $600 CF1
2 $2,300 CF2
3 $2,200 CF3
4 $6,800 CF4
5 $9,500 CF5

The after-tax IRR of this investment is
1) 17.41%
2) 19.20%
3) 24.18%
4) 28.00%
5) 33.58%