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An investment of $ 1 2 , 0 0 0 today will pay out 6 annual payments. The first payment will be $ 2 ,

An investment of $12,000 today will pay out 6 annual payments. The first payment will be $2,500. The payouts will increase each year at a rate of 4%. Determine the internal rate of return if your cost of capital is 9.5%.

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