White Mountain Mining, LLC is considering the purchase of a new piece of machinery. The initial cost of the machine will be \($6,250,000\) and the machine will have a useful life of five years. The company's hurdle rate is 8%. The following cash flow projections have been made:

Calculate the internal rate of return for the machinery. Should White Mountain purchase the machinery?

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Year 1. Year 2. Year 3. Year 4 Year 5 $1,200,000 $1,850,000 $2,500,000 $1,950,000 $1,500,000