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CF 0 CF 1 CF 2 CF 3 CF 4 20,000 7,730.85 7,730.85 7,730.85 7,730.85 Initial Outlay Cash Flow in Period CF 0 CF 1

CF 0 CF 1 CF 2 CF 3 CF 4 20,000 7,730.85 7,730.85 7,730.85 7,730.85 Initial Outlay Cash Flow in Period CF 0 CF 1 CF 2 CF 3 CF 4 20,000 7,730.85 7,730.85 7,730.85 7,730.85 The IRR is approximately: 16%. 18% 20%

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