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An early-stage biotech company, PlasmaTech, issued $10 million of convertible debt. The debt had a coupon interest rate of 10% with conversion discount of 20%.

An early-stage biotech company, PlasmaTech, issued $10 million of convertible debt. The debt had a coupon interest rate of 10% with conversion discount of 20%. The convertible debt is expected to convert in 3 years. What is the expected annual IRR of this convertible debt?

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