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A local entrepreneur asks you to invest $14,000 in a business venture. Based on your estimates, you would receive nothing for 3 years, at the
A local entrepreneur asks you to invest $14,000 in a business venture. Based on your estimates, you would receive nothing for 3 years, at the end of year 4 you would receive $5,047, and at the end of year 5 you would receive $23,749. If your estimates are correct, what would be the IRR on this investment? The yield on this investment is \%. (Round to the nearest whole percent.)
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