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An investment project requires an initial cost of $2,900,000 upfront, and it will generate $107,000 per year in perpetuity, with the first payment arriving one

An investment project requires an initial cost of $2,900,000 upfront, and it will generate $107,000 per year in perpetuity, with the first payment arriving one year from today. What is internal rate of return (IRR) of this project? 3.69?

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