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Project L requires an initial outlay at t = 0 of $ 7 2 , 3 1 1 , its expected cash inflows are $

Project L requires an initial outlay at t

= 0

of $

72, 311,

its expected cash inflows are $

12, 000

per year for

11

years, and its WACC is

14 % .

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

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