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2. (Ignore income taxes in this problem.) The management of Eastridge Corporation is considering the purchase of a machine that would cost $50,470 and would

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(Ignore income taxes in this problem.) The management of Eastridge Corporation is considering the purchase of a machine that would cost $50,470 and would have a useful life of 7 years. The machine would have no salvage value. The machine would reduce labor and other operating costs by $14,000 per year. Required: Determine the internal rate of return on the investment in the new machine. Show your work!

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