11.67% is incorect

OptiLux is considering investing in an automated manufacturing system. The system requires an initial investment of $5.8 million, has a 20-year life, and will have zero salvage value. If the system is implemented, the company will save $760,000 per year in direct labor costs. The company requires a 11% return from its investments. Compute the internal rate of return for the proposed investment. (Round your answer to 2 decimal places.) & Answer is complete but not entirely correct. Internal rate of return 1167 %