OptiLux is considering investing in an automated manufacturing system. The system requires an initial investment of $4.0 million, has a 20-year life, and will have zero salvage value. If the system is implemented, the company will save $580,000 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.)

Initial Rate of Return - %