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3. Bill plans to open a do-it-yourself dog bathing center in a storefront. The bathing equipment will cost $185,000. Bill expects the after-tax cash inflows

3. Bill plans to open a do-it-yourself dog bathing center in a storefront. The bathing equipment will cost $185,000. Bill expects the after-tax cash inflows to be $48,000 annually for six years, after which he plans to scrap the equipment and retire. Assume the required return is 16.5%. What is the project's IRR? Should it be accepted?

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