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A mining company plans to mine a beach for rutile. To do so will cost $10 million up front and then produce cash flows of

A mining company plans to mine a beach for rutile. To do so will cost $10 million up front and then produce cash flows of $3 million per year for five years. At the end of the sixth year the company will incur shutdown and cleanup costs of $2 million. If the cost of capital is 12%, then what is the MIRR for this project?

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