I can't still completely understand the logic behind the calculation of IRR.
It's all clear with NPV. Let's use simple example:
NPV = CashFlow / DiscountRate 100 = 110 / 1,1
But with the IRR..., the definition of IRR says:
"To find the IRR, you would need to "reverse engineer" what discount rate is required so that the NPV equals zero."
In this case: 0 = 110 / x => x = 110 / 0
So, how can such a discount rate exist at all, if the solution requires the division by zero?