A company is considering purchasing equipment costing $$85,000.$ The equipment is expected to reduce costs from year $1$ to $4$ by $$20,000,$ year $5$ to $8$ by

$$10,000,$ and in year $9$ by $$1,000.$ In year $9,$ 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.$)$