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7. A project requires an initial investment of $12 000. It has a guaranteed return of $8000 at the end of year 1 and a

7. A project requires an initial investment of $12 000. It has a guaranteed return of $8000 at the end of year 1 and a return of $20000 at the end of years 2. Estimate the IRR to the nearest percentage. Would you recommend that someone invests in this project if the prevailing market rate is 8% compounded annually?

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