Success Ltd is evaluating whether it should invest today in a equipment that cost $250,000. With the new machine, the firm projects it will be able to receive $50,000 at the end of every year for the next 6 years. At the end of the 6 years, the company will scrap the machine and do not expect to receive any salvage value for it. The cost of capital for the firm is 15%. Calculate the internal rate of return (IRR) of this investment. Should the firm purchase the machine? Give your reason(s).