Cindy invests $20,000 in a limited partnership today. At the…

Cindy invests $20,000 in a limited partnership today. At the end of years 1 and 5, she will receive the after-tax cash flows shown below. The partnership will be liquidated at the end of the fifth year. Cindy is in the 35% federal income bracket. Years Cash Flows (Cash flows are after-tax) 0 – $20,000 1 $0 2 $4,000 3 $6,000 4 $8,000 5 $10,000 The after-tax IRR on this investment is: