Olympia Trophy Company wants to purchase a laser engraving machine to use in its production of trophies. The cost of this engraving machine is $69,546.40 and it will yield yearly expected cash flows of $14,000. The machine has a useful life of 8 years. If Olympia will only fund projects with a minimum internal rate of return of 10%, determine the internal rate of return on the machine and recommend if Olympia should purchase it or not? (Hint: Use the Present Value of $1 Table below or the version in lesson 4.3.5.)