Community Health Center (CHC) is considering spending $50,000 on blood analyzer. The annual cash profits from the machine will be $7000 for year of the 7 years of its useful life. The board of directors wants to pursue this investment, because they think the $49,000 CHC will receive is close to the $50,000 cost. What is wrong with the board logic? What is the IRR on investment?

when using the formula in excel i get IRR -1%, however, I see answers here which show IRR of -0.5%