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Glamour Music is considering investing $ 6 0 0 , 0 0 0 in private lesson studios that will have no residual value. The studios

Glamour Music is considering investing $600,000 in private lesson studios that will have no residual value. The studios are expected to result in annual net cash inflows of $85,000 per year for the next nine years. Assume that Glamour Music uses a 10% hurdle rate. What is the approximate internal rate of return(IRR) of the studio investment?

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