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Project L requires an initial outlay at t = 0 of $69,622, its expected cash inflows are $12,000 per year for 9 years, and its

Project L requires an initial outlay at t = 0 of $69,622, its expected cash inflows are $12,000 per year for 9 years, and its WACC is 12%. What is the project's IRR? Round your answer to two decimal places.

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