The is $0.

The IRR is the discount rate that makes the NPV zero hence, if the IRR is exactly the same as the discount rate, the NPV would be zero (rounding means it is usually very close to zero). The IRR and the NPV use the same cash flows and the same process. The IRR simply runs lots of NPV's seaching for the discount rate that returns a NPV that is close to zero.

The IRR can be compared to the redemption yield of a bond, or the APY on a bank account.

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After Tax Cash Flows for IRR and NPV

MM/DD/YY	Cash Flow
01/01/2001	($2)