X Company is considering producing and selling a new product. After conducting a market research study that cost $4,600, company estimates are that sales of the product will be 8,500 units in each of the next four years, contribution margin per unit will be $6.10, and annual fixed costs will be $16,420.

In order to produce the new product, additional equipment would have to be purchased, costing $120,000, with no salvage value at the end of four years.

What is the internal rate of return of producing and selling this new product?

Please help me.