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There are two options to buy a plot of land for construction: (i) upfront payment of $200 000, or (ii) four equal payments of $50

There are two options to buy a plot of land for construction: (i) upfront payment of $200 000, or (ii) four equal payments of $50 000 in years 1-4 and the fifth payment of $100 000 in year 5. What is the implied IRR of choosing the second option over the first?

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