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Cine Planet is con sidering building a new cinema complex in Berlin. This project will require an initial cash outlay of 1 2 million and

Cine Planet is con sidering building a new cinema complex in Berlin. This project will require an initial cash outlay of 12 million and will generate annual cash inflows of 3.5 mil lion per year for Years 1 through 4. In addition, in Year 5 the project will require an additional investment outlay of 6,000,000 to refurbish the complex. During Years 5 through 10, the project will provide cash inflows of 5 million per year. Calculate the project's MIRR, given the following:
a. A discount rate of 8 percent b. A discount rate of 10 percent c. A discount rate of 12 percent

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