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Jack pays $1 million for a property with a 9% cap rate. Jack keeps this property for 5 years and sells at the end of

Jack pays $1 million for a property with a 9% cap rate. Jack keeps this property for 5 years and sells at the end of year 5 at the same cap rate. The selling costs are 5% of the selling price. What will be the IRR of this investment for Jack?

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