Wilson Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net income after tax of $$53,800.$ The equipment will have an initial cost of $$605,700$ and have an $8-$year life. The salvage value of the equipment is estimated to be $$105,700.$ If the hurdle rate is $10\%,$ what is the internal rate of return? $($Future Value of $$1,$ Present Value of $$1,$ Future Value Annuity of $$1,$ Present Value Annuity of $$1.)($Use appropriate factor from the PV tables. Round your final answer to the nearest dollar amount.$)$