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Given the following information and assuming straight-line depreciation to zero, what is the IRR of this project? Initial investment = $6,000; life = 4 years;

Given the following information and assuming straight-line depreciation to zero, what is the IRR of this project? Initial investment = $6,000; life = 4 years; cost savings = $2,500 per year; salvage value = $2,000 in year 4; tax rate = 35%; discount rate = 10%.

answer is 21.56 % how did my professor get this? please explain with formulas

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