A company is considering purchasing equipment costing $92,000. The equipment is expected to reduce cost from year 1 to 3 by $22,000, your 4 to 9 by $9,000, and in year 10 by $2,000. In year 10, the equipmant can be sold at a salvage value of $15,000. Calculate the internal rate of return (IRR) for this proposal.

A company is considering purchasing equipment costing $92,000. The equipment is expected to reduce costs from year 1 to 3 by $22,000, year 4 to 9 by $9,000, and in year 10 by $2,000. 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.)