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A real estate investment is expected to have cash flows after taxes in each of the next three years equal to CAD70,000, CAD50,000, and CAD65,000, respectively. The initial equity investment in this property is CAD600,000 and the equity at the end of year three is estimated to be CAD500,000. The internal rate of return (IRR) for this investment is closest to: A. 8.0%. B. 5.0%. C. -7.8%. |