A company is considering purchasing equipment costing $120,000. The equipment is expected to reduce costs from year 1 to 3 by $35,000 year 4 to 7 by $15.000, and in year 8 by $5,000. In year 8, the equipment can be sold at a salvage value of $23,000. Calculate the internal rate of return (IRR) for this proposal The internal rate of return is %. (Round to the nearest tenth as needed.)