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Project L requires an initial outlay at t = 0 of $ 7 4 , 8 6 4 , its expected cash inflows are $

Project L requires an initial outlay at t

= 0

of $

74, 864,

its

expected cash inflows are $

13, 000

per year for

9

years, and its

WACC is

10 % .

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

decimal places.

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