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12. Matthews Construction is considering a project that will cost $1.2 million to start. The project is expected to produce cash flows starting in year

12. Matthews Construction is considering a project that will cost $1.2 million to start. The project is expected to produce cash flows starting in year 2 of $269,000 a year for the following six years. What is the internal rate of return on this project?

a. 4.09% b. 5.62% c. 6.97% d. 8.32% e. None of the above

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