HW.Ch 24. Capital Budgeting 20 Exercise 24-16A IRR for automation investment LO P4 1 DO Optilux is considering investing in an automated manufacturing system. The system requires an initial investment of 546 million has a 20 year life, and will have zero salvage value. If the system is implemented the company will save $700.000 per year in direct labor costs. The company requires a 11% return from its investments Compute the internal rate of return for the proposed investment (Round your answer to 2 decimal places.)