Knowledge Check

A purchase of a backhoe with an $8-$year life requires an initial investment of $$87,800,$ has positive cash flows of $$10,000$ per year, and has an estimated salvage value of $$21,000.$ Indicate the inputs to be entered into the financial calculator keys. What is the return of the investment? $($Round internal rate of return to two decimal places $($e$.$g$.,52\mathrm{.}75\%).)$