A company is considering purchasing equipment costing $42,000. The equipment is expected to reduce costs from year 1 to 2 by $1,500, year 3 to 7 by $11,000, and in year 8 by $3,000. In year 8 , the equipment can be sold at a salvage value of $15,000. Calculate the internal rate of return (IRR) for this proposal. The internal rate of return is % (Round to the nearest tenth as needed.)