Problem 12-11 Internal rate of return [LO-4] You buy a new piece of equipment for $16,230, and you receive a cash inflow of $2,500 per year for 12 years. What is the internal rate of return? Use Appendix D for an approximate answer but calculate your final answer using the financial calculator method. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Input variables: Initial cost Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 $16,230 input as a negative value $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 Solution and Explanation: IRR