Question: ABC Corp. is considering developing a new technology that will lower the production cost. It will allow them to produce at a lower cost. The

ABC Corp. is considering developing a new technology that will lower the production cost. It will allow them to produce at a lower cost. The research of the technology requires a $3 million investment today, and is expected to create incremental cash flows of $851,442 each year for the next ten years. The cost of capital is 9.63%. What is the internal rate of return (IRR) for the project? Answer: 25.44% Please explain in great detail thank you.

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