Question: D&B Contracting plans to purchase a new backhoe. The one under consideration costs $ 2 3 3 , 0 0 0 and has a useful

D&B Contracting plans to purchase a new backhoe. The one under consideration costs $233,000 and has a useful life of 8 years. After-tax cash flows are expected to be $31,384 in each of the 8 years and nothing thereafter. Calculate the internal rate of return for the grader.

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