answer not on Excel and show work please

Ignore income taxes in this problem.) Rand, Inc., is considering the purchase of a machine that would cost $500,000 and would last for 5 years, at the end of which, the machine would have a salvage value of $167,000. The machine would reduce labor and other costs by $109,000 per year. Additional working capital of $4,000 would be needed immediately, all of which would be recovered at the end of 5 years. The company requires a minimum pretax return of 12% on all investment projects

Required:

1. Determine the Internal Rate of Return of the project to the nearest whole percentage point