2/6. Internal rate of return (lifesavor)

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 $36,000each 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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