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Project L requires an initial outlay at t = 0 of $ 4 7 , 2 1 4 , its expected cash inflows are $

Project

L

requires an initial outlay at

t = 0

of $

47, 214,

its expected cash inflows are $

9, 000

per year for

9

years, and its WACC is

9 % .

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

%

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