Orion Company is considering the purchase of a new machine and has gathered the following information about the purchase: Initial investment ................ $113,206 Annual cost savings ............... ? Life of machine ................... 12 years Salvage value ..................... $0 Cost of capital ................... 5% Net present value ................. $64,060 Ignore income tax effects in your calculations. The internal rate of return (IRR) of the new machine is closest to: