Dinshaw Company is considering the purchase of a new machine. The invoice price of the machine is $59,888, freight charges are estimated to be $2,540, and installation costs are expected to be $7,120. The annual cost savings are expected to be $14,380 for 11 years. The firm requires a 20% rate of return. Ignore income taxes. What is the internal rate of return on this investment? (Round answer to 0 decimal places, e.g. 15%.)

Internal rate of return______%?