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HIYET Company is planning to invest in a new development. The cost of the project will be $23 million and is
expected to generate cash flows of $14,000,000, $11,750,000, and $6,350,000 over the next three years. The
company's cost of capital is 20 percent. What is the internal rate of return on this project? (Round to the
nearest percent.)
A. 22%
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B. 20%
C. 24%
D. 28%
