Payback, Accounting Rate of Return, Net Present Value, Internal Rate of Return Follow the format shown in Exhibit 12B.1 and Exhibit 12B.2 as you complete the requirement below. Woodard Company wants to buy a numerically controlled (NC) machine to be used in producing specially machined parts for manufacturers of trenching machines. The outlay required is $1,075,712. The NC equipment will last five years with no expected salvage value. The expected after-tax cash flows associated with the project follow: Cash Expenses Year Cash Revenues 1 $1,600,000 $1,200,000 2 1,600,000 1,200,000 3 1,600,000 1,200,000 4 1,600,000 1,200,000 5 1,600,000 1,200,000 Required: Compute the Investment's Internal Rate of return. Enter as a percent. If required, round your answer to the nearest whole percent. IRR = %