A company is considering purchasing equipment costing $185,000. The equipment is expected to reduce costs from year 1 to 4 by $50,000, year 5 to 9 by $20,000, and in year 10 by $4,000 In year 10, the equipment can be sold at a salvage value of $1,000. Calculate the internal rate of return (IRR) for this proposal.

What is The internal rate of return?

(Round to the nearest tenth as needed.)