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    What is the IRR (internal rate of return)?

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    The replacement of an existing non-depreciable assets (market value = $15,000) requires the purchase of new asset which costs $30,000 and is expected to generate before-tax cash savings of $5,569.23 per year for the next 5 years.

    Assuming a tax rate of 48%, what is the IRR of the replacement?

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