OptiLux is considering investing in an automated manufacturing system. The system requires an initial investment of $5.3 million, has a 20-year life, and will have zero salvage value. If the system is implemented, the company will save $840,000 per year in direct labor costs. The company requires a 12% return from its investments. Using Excel, compute the internal rate of return for the proposed investment. (Round your answer to 2 decimal places.)