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3. What is the IRR of a project which requires an initial cash outlay of $12,345, and is expected to generate after-tax cash flows of
3. What is the IRR of a project which requires an initial cash outlay of $12,345, and is expected to generate after-tax cash flows of $3,600 a year for three years and then $4,200 a year for two more? years?
a. 14.00%
b. 15.50%
c. 16.20%
d. 17.80%
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