Internal Rate of Return Richins Company produces automobile engine parts. The company is examining the possibility of investing in a new production system that will reduce the costs of the current system. The new system will require a cash investment of $11,551,968 and will produce net cash savings of $1,800,000 per year. The system has a projected life of 10 years. Required: Calculate the IRR for the new production system. For discount factors use Exhibit 12B- 2. Round your answer to the nearest whole percentage. %