Private Equity: Calculation of Carried Interest

Example 2 on Reading 49, page 66: The example is pretty easy to follow, however towards the bottom they say the IRR on the project is only 6.1% and doesn’t clear the hurdle rate of 8%, thus no carried interest may be paid to the GP. How did they calculate the IRR as 6.1% ? Matt

if I was guessing it’s because the rate that equates the projects estimated cash flows with it’s price.

I figured that much as well just wanted to ensure it must be given in this problem and not computed.