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Project L costs $ 5 5 , 9 7 7 . 1 1 , its expected cash inflows are $ 1 2 , 0 0

Project L costs $

55, 977.11,

its expected cash inflows are $

12, 000

per year for

11

years, and its WACC is

9 % .

What is the project's IRR? Round your answer to two decimal places.

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