Woodard Company wants to buy a numerically controlled (NC) machine to be used in producing specially machined parts for manufacturers of trenching machines. The outlay required is $598,122. The NC equipment will last five years with no expected salvage value. The expected after-tax cash flows associated with the project follow: Cash Expenses $1,100,000 Year Cash Revenues 1 $1,300,000 2 1,300,000 1,100,000 3 1,300,000 1,100,000 4 1,300,000 1,100,000 5 1,300,000 1,100,000 Required: Compute the Investment's Internal Rate of return. Enter as a percent. If required, round your answer to the nearest whole percent. IRR= %