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Question(s) / Instruction(s):

A company has a minimum required rate of return of 8%.  It is considering investing in a project that costs $91,116, and is expected to generate cash inflows of $36,000 each year for three years.  The approximate internal rate of return on this project is which of the following?

A.            8%

B.            9%

C.            10%

D.            less than the required 8%

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