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(Present value tables are required.) Renfroe Corporation is considering the purchase of a machine that would cost $22,712 and would have a useful life of

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(Present value tables are required.) Renfroe Corporation is considering the purchase of a machine that would cost $22,712 and would have a useful life of 5 years. The machine would generate $6,300 of net annual cash inflows per year for each of the 5 years of its life. The internal rate of return on the machine would be closest to 10% 14%. 12% 8%

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