Please solve the following with clear steps(avoid using excel/worksheet):

A manufacturing plant and its equipment are insured $700,000. The present annual insurance premium is $0.96 per $100 of coverage. A sprinkler system with an estimated life of 20 years and no salvage value at the end of that time can be installed for $18,000. Annual operation and maintenance cost is estimated at $360. Taxes are 0.8% of the initial cost of the plant and equipment. If the sprinkler is installed and maintained, the premium rate will be reduced to $0.38 per $100 of coverage. What will be the incremental IRR if the sprinkler system is installed? If the MARR is %15, which alternative should be selected