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TLD, Ltd.plans to mine a field to extract copper. This capital investment project requires an initial outlayof $10 million andit is expected to generate$3 million

TLD, Ltd.plans to mine a field to extract copper. This capital investment project requires an initial outlayof $10 million andit is expected to generate$3 million in annual cash flows fora period offive years.The companyexpects toincur shut-down and clean-up costs of $2 millionat the end of the sixth year .

Assuming that the firm's cost ofof capital is 11%, the MIRR for this project is:

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