Estimate the approximate after-tax rate of return for a project that has a first cost of $500,000, a

Estimate the approximate after-tax rate of return for a project that has a first cost of $500,000, a salvage value of 20% of the first cost after 3 years, and annual gross income less operating expenses of (GI–OE) = $230,000. Assume the company has a 35% effective tax rate.

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