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Calculate the approximate expected internal rate of return given the following series of expected cash flows (CF).
Year CF Probability
0 -1,790,000 100%
1 1,000,000 33.3%
1 1,050,000 33.3%
1 1,100,000 33.3%
3 850,000 50%
4 500,000 25%
4 514,000 25%
4 524,000 25%
4 554,000 25%
Select one:
a. 14.47%
b. 15.80%
c. 19.67%
d. 17.92%
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