16.3.3 Question Help A company is considering purchasing equipment costing $155,000. The equipment is expected to reduce costs from year 1 to 2 by $2,000, year 3 to 6 by $70,000, and in year 7 by $2,000. In year 7, the equipment can be sold at a salvage value of $22,000. Calculate the internal rate of return (IRR) for this proposal. The internal rate of return is %. (Round to the nearest tenth as needed.)