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SAI Manufacturing Co. is purchasing a production facility at a cost of $18.6 million. The firm expects the project to generate annual cash flows of

SAI Manufacturing Co. is purchasing a production facility at a cost of $18.6 million. The firm expects the project to generate annual cash flows of $8 million over the next 6 years. Its cost of capital is 35%. What is the internal rate of return on this project? Please solve and show step by step how to solve.

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