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You buy a new piece of equipment for $29,731, and you receive a cash inflow of $3,800 per year for 16 years. Use Appendix D

You buy a new piece of equipment for $29,731, and you receive a cash inflow of $3,800 per year for 16 years. Use Appendix D for an approximate answer but calculate your final answer using the financial calculator method.

What is the internal rate of return? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

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