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A shoe manufacturer with a marginal cost of capital of 7% is evaluating new equipment that would custom fit athletic shoes. The new equipment costs

A shoe manufacturer with a marginal cost of capital of 7% is evaluating new equipment that would custom fit athletic shoes. The new equipment costs $90,000 and will generate $35,000 in net cash flows for five years. What is the modified internal rate of return (rounded to two decimal places) for this equipment?

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