A company is considering purchasing equipment costing $60,000. The equipment is expected to reduce costs from year 1 to 5 by $5,000, year 6 to 9 by $8,000, and in year 10 by $4,000. In year 10, 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.)