Question: Consider a project with an initial investment (today, t = 0) of $275,000. This project will generate cash flows of $32,500 per year for the

Consider a project with an initial investment (today, t = 0) of $275,000. This project will generate cash flows of $32,500 per year for the next 10 years with no scrap value. What is the Internal Rate of Return (IRR) of the project? Answer with a number rounded to 2 decimal places, e.g., 4.08% should be entered as 4.08.

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