Sarasota Corporation recently purchased a new machine for its factory operations at a cost of $1,004,350. The investment is expected to generate $265,000 in annual cash flows for a period of five years. The required rate of return is 8%. The new machine is expected to have zero salvage value at the end of the five-year period. Click here to view PV tables. Calculate the internal rate of return. (Round answer to O decimal places, e.g. 15%.) Internal rate of return %