A firm is considering which of two devices to install to reduce costs. Both devices have useful lives of 5 years and no salvage value Device A costs $10,000 and can be expected to result in $3,000 savings annually. Device B costs $13,500 and will provide cost savings of $3,000 the first year but will increase $500 annually, making the second-year savings $3,500, the third-year savings $4,000, and so forth. Year 0 1 2 32 4 5 Device A -$10,000 3000 3000 3000 3000 3000 Device B -$13,500 3000 3500 4000 4500 5000 What is the IRR for device B? Enter your answer as a percentage (e g., 8 for 0.08 or 8%)

A firm is considering which of two devices to install to reduce costs. Both devices have useful lives of 5 years and no salvage value. Device A costs $10,000 and can be expected to result in $3,000 savings annually. Device 8 costs $13,500 and wit provide cost savings of $3,000 the first year but will increase $500 annually, making the second-year savings $3,500, the third-year savings $4,000, and so forth. What is the IRR for device B? Enter your answer as a percentage (eg, 8 for 0,08 or 8% )