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If r f is 5%, investment risk premium(IRP) is 11.5%, advisory premium(AP) is 9%, liquidity premium (LP) is 4.5% and target rate of return of

If rf is 5%, investment risk premium(IRP) is 11.5%, advisory premium(AP) is 9%, liquidity premium (LP) is 4.5% and target rate of return of investors is 40%, what is the hubris projections premium for the venture investors?

11%

14%

13%

12%

10%

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