Haverford Company is evaluating a proposal to purchase a new piece of equipment. The cost of the equipment would be $68,112 and the company expects the investment would generate annual cash flows of $18,000 for the next 6 years. Using the appropriate present value table below, compute the internal rate of return (IRR) on this investment. [Enter your answer in the form of a decimal, not a percentage. For example, 6% would be entered as 0.06.]