Sandhill Corporation is involved in the business of injection molding of plastics. It is considering the purchase of a new computer-aided design and manufacturing machine for $442,800. The company believes that with this new machine it will improve productivity and increase quality, resulting in an increase in net annual cash flows of $107,700 for the next 6 years. Management requires a 10% rate of return on all new investments. Click here to view the factor table. Calculate the internal rate of return on this new machine. (Round answer to O decimal places, eg. 13% For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Internal rate of return 7 %