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In investment appraisal, the internal rate of return is

In investment appraisal, the internal rate of return is
A . the target rate of return for all investment proposals
B . the rate at which a project’s cash inflows is equal to its cash outflows
C . the rate at which the present value of a project’s cash inflows is zero
D . the rate at which the present value of a project’s cash inflows is equal to the present value of its cash outflows

Answer: D

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