A company is considering purchasing equipment costing $130,000. The equipment is expected to reduce costs from year 1 to 2 by $40,000, year 3 to 8 by $20,000, and in year 9 by $6,000. In year & 9, 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.) %