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3. If a project involving an initial investment of $20 million is funded partly by debt (75%) and partly by equity capital (25%) and the

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3. If a project involving an initial investment of $20 million is funded partly by debt (75%) and partly by equity capital (25%) and the internal rate of return on the overall cash flow of the project is 15%, while the rate of interest on the debt capital is 10%, what is the rate of return on equity capital? (Make any additional assumptions explicit.)

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