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Exercise 9-11 Harrison Hammocks is considering the purchase of a new weaving machine to prepare fabric for its hammocks. The machine under consideration costs $80,672

Exercise 9-11
Harrison Hammocks is considering the purchase of a new weaving machine to prepare fabric for its hammocks. The machine under consideration costs $80,672 and will save the company $12,800 in direct labor costs. It is expected to last 14 years.

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(a)Calculate the internal rate of return on the weaving machine. (%)

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