Riverview Company is evaluating the proposed acquisition of a new production machine. The machine's base price is $200,000, and installation costs would amount to $28,000. Also, $10,000 in net working capital would be required at installation. The machine will be depreciated for 3 years using simplified straight line depreciation. The machine would save the firm $110,000 per year in operating costs. The firm is planning to keep the machine in place for 5 years. At the end of the fifth year, the machine will be sold for $20,000. Riverview has a cost of capital of 12% and a marginal tax rate of 34%.

What is the IRR of the project? Answer 28.2%

I NEED TO KNOW HOW TO SOLVE THIS WITHOUT USING EXCEL PLEASE. Excel will not be allowed on the test, so step-step explanation will be appreciated, especially if it is steps of what to enter in the HP10bLL+ Financial Calculator :)