Pinder LLC is planning on a leveraged buyout of Value Co. Pinder LLC believes that it could improve its investment returns by reducing capital expenditures to 2% of sales for the first four years then raising it to 7% of sales in the fifth year and onwards. Pinder believes that this reduction in capital expenditures will only have a small impact on the performance of Value Co, and that the long-term consequences will only be felt much later, when Pinder LLC has long exited from the investment. What is the percentage point improvement for Pinder LLC's IRR under this strategy? Assume that all other conditions of the buyout are identical to the assumptions in the lecture. Pinder LLC is planning on a leveraged buyout of Value Co. Pinder LLC believes that it could improve its investment returns by reducing capital expenditures to 2% of sales for the first four years then raising it to 7% of sales in the fifth year and onwards. Pinder believes that this reduction in capital expenditures will only have a small impact on the performance of Value Co, and that the long-term consequences will only be felt much later, when Pinder LLC has long exited from the investment. What is the percentage point improvement for Pinder LLC's IRR under this strategy? Assume that all other conditions of the buyout are identical to the assumptions in the lecture