3Charles Company is considering the purchase of a new machine for $80,000. The machine would generate annual cash flow before depreciation and taxes of $28,778 for five years. At the end of five years, the machine would have no salvage value. The company's RRR for this investment is 12 percent. The company uses straight-line depreciation with no mid-year convention and has a 40 percent tax rate What is the internal rate of return for the machine rounded to the nearest percent?