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The before-tax MARR for a particular firm is 18% per year. The state income tax rate is 5%, and the federal income tax rate is

The before-tax MARR for a particular firm is 18% per year. The state income tax rate is 5%, and the federal income tax rate is 39%. State income taxes are deductible from federal taxable income. What is this firm's after-tax MARR

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