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Business, 20.03.2020 10:12 jacamron

Music is considering investing $ 800 comma 000 in private lesson studios that will have no residual value. The studios are expected to result in annual net cash inflows of $ 115 comma 000 per year for the next nine years. Assume that Jackson Music uses an 8% hurdle rate. What is the approximate internal rate of return (IRR) of the studio investment?

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