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Culver Company is contemplating an investment costing $177,540. The investment will have a life of 8 years with no salvage value and will produce annual

Culver Company is contemplating an investment costing $177,540. The investment will have a life of 8 years with no salvage value and will produce annual cash flows of $34,500. Click here to view PV tables. What is the approximate internal rate of return associated with this investment? (Use the above table.) (Round answer to 0 decimal places, e.g. 15%.)

Internal rate of return

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