Project's internal rate of return?

Question

Can anyone help explain how to solve this problem:

A project has an initial requirement of $1.3 million for fixed assets and $140,000 for net working capital. The fixed assets will be depreciated to a zero book value over the 6-year life of the project and have an estimated salvage value of $350,000. All of the net working capital will be recouped at the end of the project. The expected annual operating cash flow is $290,000. What is the project's internal rate of return if the tax rate is 32 percent?

Answer 1

IRR = 3%