The Simone Company is considering the purchase of a new machine that costs $50,000. It is expected to save $9,000 in cash per year for 10 years, has an estimated useful life of 10 years, and has no salvage value. Management will not make any investment unless at least an 18% rate of return can be earned. 

Using the net present value method, determine whether the proposal is acceptable and calculate the time-adjusted rate of return.