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Panjandrum Industries is considering investing in production line for manufacturing industrial pipes. The management has estimated the free cash flows of the investment as shown

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Panjandrum Industries is considering investing in production line for manufacturing industrial pipes. The management has estimated the free cash flows of the investment as shown in the table below. There are concerns of the sensitivity of this project to changes in the firm's cost of capital. At what cost of capital does this investment break even (i.e., generates zero NPV)? 12.39%

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