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Rafael owned an apartment building that burned down. The empty lot is worth $90,000 and Rafael has received $210,000 from the insurance company. Rafael plans

Rafael owned an apartment building that burned down. The empty lot is worth $90,000 and Rafael has received $210,000 from the insurance company. Rafael plans to build another apartment building that will cost $445,000. His real estate adviser estimates that the expected value of the finished building on the real estate market will be $615,000 next year. The discount/interest rate is 10%. What are the NPV and IRR of this decision?

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