Bramble Company manufactures automobile components for the worldwide market. The company has three large production facilities in Virginia, New Jersey, and California, which have been operating for many years. Brett Harker, vice president of production, believes it is time to upgrade operations by implementing computer-integrated manufacturing (CIM) at one of the plants. Brett has asked corporate controller Connie Carson to gather information about the costs and benefits of implementing CIM. Carson has gathered the following data:

Initial equipment cost		$	7,500,000
Working capital required at start-up		$	500,000
Salvage value of existing equipment		$	93,750
Annual operating cost savings		$	1,050,000
Salvage value of new equipment at end of its useful life		$	250,000
Working capital released at end of its useful life		$	500,000
Useful life of equipment			10 years

Use Excel or a similar spreadsheet application to calculate the internal rate of return on Brambles proposed investment. (Round internal rate of return to 2 decimal places, e.g. 15.25%.)