You have a business model. You can rent space for $46,000 / year. Your equipment cost is $46,000. There will be no salvage and the entire initial cost will be straight-line depreciated). Your market research indicates that you can expect to get 504 clients, each paying $521/year. You will need five associates that you can hire for $25,000 a year each. Your tax rate, if you start making profits, will be 39%. What is your IRR? (answer format is .2468, 0.2468, or 24.68%) SHOW EXCEL FORMULA