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