Vehement Inc. is considering the purchase of new equipment that will speed up the process for producing disk drives. The equipment will cost $7,200,000 and have a life of five years with no expected salvage value. The expected cash flows associated with the project are below: Year Cash Revenues Cash Expenses 1 $8,000,000 $6,000,000 2 8,000,000 6,000,000 3 8,000,000 6,000,000 4 8,000,000 6,000,000 5 8,000,000 6,000,000 a) Determine the internal rate of return for this investment (4 marks) b) Assume the company has a required rate of return of 16%. Using the IRR method, should the company purchase the equipment? (2 marks)