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IRR A project has an initial cost of $ 5 0 , 0 0 0 , expected net cash inflows of $ 1 2 ,

IRR
A project has an initial cost of $50,000, expected net cash inflows of $12,000 per year for 8 years, and a cost of capital of 9%. What is the project's IRR? Round your answer to two decimal places.
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