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A piece of laborsaving equipment has just come onto the market that Mitsui Company could use to reduce costs in one of its plans. Relevant

A piece of laborsaving equipment has just come onto the market that Mitsui Company could use to reduce costs in one of its plans. Relevant data relating to the equipment follow:
- Purchase cost of the equipment: $432,000
- Annual cost saving that will be provided by the equipment: $90,000
- Life of the equipment: 12 years
Required:
1. Compute the payback period for the equipment. If the company requires a payback period of four years or less, would the equipment be purchased?
2. Compute the IRR on the equipment?
Please show me how to solve requirement 2 in detail

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