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An oil-drilling company must choose between two mutually exclusive extraction projects, and each requires an initial outlay at t=0 of $12.2 million. Under Plan A,

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An oil-drilling company must choose between two mutually exclusive extraction projects, and each requires an initial outlay at t=0 of $12.2 million. Under Plan A, all the oil would be extracted in 1 year, producing a cash flow at t=1 of $14.64 million. Under Plan B, cash flows would be $2.1678 million per year years. The firm's WACC is 12.5%. places. Identify each project's IRR. Do not round intermediate calculations. Round your answers to two decimal places. Project A: % Project B: % Determine the crossover rate. Approximate your answer to the nearest whole number. %

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