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Calculate the rate of return for the following problem: Robinson Hardware is adding a new product line that will require an investment of $1,454,000. Managers

Calculate the rate of return for the following problem: Robinson Hardware is adding a new product line that will require an investment of $1,454,000. Managers estimate that this investment will have a 10 year life and generate net cash inflows of $300,000 the first year, $270,000 the second year and $260,000 each year thereafter for eight years.

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