$($Ignore income taxes in this problem.$)$ The management of Faith Corporation is considering the purchase of an automated molding machine that would cost $$255,552,$ would have a useful life of $5$ years, and would have no salvage value. The automated molding machine would result in cash savings of $$64,000$ per year due to lower labor and other costs.

Required:

Determine the internal rate of return on the investment in the new automated molding machine. Show your work!