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3) A project has an initial cost of $39,575, expected net cash inflows of $13,000 per year for 7 years, and a cost of capital

3) A project has an initial cost of $39,575, expected net cash inflows of $13,000 per year for 7 years, and a cost of capital of 12%. What is the project's MIRR? (Hint: Begin by constructing a timeline.) Do not round intermediate calculations. Round your answer to two decimal places.

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