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An investment costing $90,000 is being contemplated by Wise Tires Co. The investment will have a life of 8 years with no salvage value and

An investment costing $90,000 is being contemplated by Wise Tires Co. The investment will have a life of 8 years with no salvage value and will produce annual cash flows of $16,870. What is the approximate internal rate of return associated with this investment? Use the TVM tables and please show your work.

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