A machine that costs $7,200 is expected to operate for 8 years. The estimated salvage value at the end of 8 years is $0. The machine is expected to save the company $1,547 per year before taxes and depreciation. The company depreciates its assets on a straight-line basis and has a marginal tax rate of 40 percent. What is the exact internal rate of return on this investment? Use the calculator andTable IVto answer the question. Round your answer to two decimal places.