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A project has an initial cost of $ 4 0 , 0 0 0 , expected net cash inflows of $ 8 , 0 0

A project has an initial cost of $

40, 000,

expected net cash inflows of $

8, 000

per year for

10

years, and a cost of capital of

9 % .

What is the project's IRR? Round your answer to two decimal places.

%

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