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Malkind Hardware is adding a new product line that will require an investment of $1,418,000....

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Accounting

Malkind Hardware is adding a new product line that will require an investment of $1,418,000. Managers estimate that this investment will have a 10-year life and generate net cash inflows of $320,000 the first year, $280,000 the second year, and $260,000 each year thereafter for eight years. Assume the project has no residual value. Compute the APR for the investment. Round to two decimal places.

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