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7) An immediate cash outlay of $250,000 today must be made today to upgrade a factory for the selling of a new product. The net

7) An immediate cash outlay of $250,000 today must be made today to upgrade a factory for the selling of a new product. The net returns expected from marketing this project is $34,000 at the end of every year for 9 years. Find the rate of return (or IRR) compounded annually on the project. (2 marks-16.3)

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