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A company is considering purchasing equipment costing $ 6 0 comma 0 0 0 . The equipment is expected to reduce costs from year 1

A company is considering purchasing equipment costing $ 60 comma 000. The equipment is expected to reduce costs from year 1 to 5 by $ 5 comma 000 comma year 6 to 9 by $ 8 comma 000 comma and in year 10 by $ 4 comma 000. In year 10 comma the equipment can be sold at a salvage value of $ 15 comma 000. Calculate the internal rate of return(IRR) for this proposal.
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Part 1
The internal rate of return is

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