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% Project L requires an initial outlay at t = 0 of $61,521, its expected cash inflows are $12,000 per year for 8 years, and

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Project L requires an initial outlay at t = 0 of $61,521, its expected cash inflows are $12,000 per year for 8 years, and its WACC is 9%. What is the project's IRR? Round your answer to two decimal places. %

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