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An advertising campaign will cost $340,000 for planning and $40,000 in each of the next five years. It is expected to increase revenues permanently by

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An advertising campaign will cost $340,000 for planning and $40,000 in each of the next five years. It is expected to increase revenues permanently by $40,000 per year. Additional revenues will be gained in the pattern of an arithmetic gradient with $25,000 in the first year, declining by $5,000 per year to zero in the sixth year. Estimate the IRR of this investment. 7%

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