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Cindy invests $20,000 in a limited partnership today. At the end of each years 1 through 5, she will receive the after-tax cash flows shown

Cindy invests $20,000 in a limited partnership today. At the end of each years 1 through 5, she will receive the after-tax cash flows shown below. The partnership will be liquidated at the end of the fifth year. Cindy is in the 35% federal income bracket.

The after-tax IRR on this investment is:

6.01.

7.26.

8.15.

9.24.

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