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Denton Music is considering investing $825,000 in private lesson studios that will have no residual value. The studios are expected to result in annual net

Denton Music is considering investing $825,000 in private lesson studios that will have no residual value. The studios are expected to result in annual net cash inflows of $120,000 per year for the next ten years. Assume that Denton Music uses an 8%hurdle rate. What is the approximate internal rate of return? (IRR) of the studio? investment?

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