Randel Company produces a variety of gardening tools and aids. The company is examining the possibility of investing in a new production system that will reduce the costs of the current system. The new system will require a cash investment of $3,455,400 and will produce net cash savings of $600,000 per year. The system has a projected life of 9 years. Calculate the IRR for the new production system. Use the example present value table values below to identify the IRR: 8% 9% 10% 12% 9 Years: 6.24689 5.99525 5.75902 5.3282