You buy a new piece of equipment for $12,539, and you receive a cash inflow of $2,100 per year for 8 years. Use Appendix D for an approximate answer but calculate your final answer using the financial calculator method.

What is the internal rate of return? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

Appendix D Present value of an annuity of $1, PW PWA A Percent Period 1% 2% 3%. 4% 5% 6% 0.990 0.980 0.971 0.962 0.952 0.943 0.935 1.970 1.942 1.913 1.886 1.859 1.833 1.808 2.723 2.941 2.884 2.829 2.775 2.673 2.624 3.902 3.808 3.630 3.546 3.465 3.387 4.853 4.713 4.580 4.452 4.329 4.212 4.100 4.767 5.795 5.601 5.417 5.242 5.076 4.917 6.728 6.472 6.230 6.002 5.786 5.582 5.389 7.652 7.325 7.020 6.733 6.463 6.210 5.971 8,566 8.162 7.786 7.435 7.108 6.802 6.515 10 9.471 8.983 8.530 7.722 7.360 7.024 11 10.368 9.787 9.253 8.760 8.306 7.887 7.499 12 11.255 0.575 9.954. 9.385 8.863 8.384 7.943 13 12.134 11.348 10.635 9.986 9.394 8.853 8.358 14 13.004. 12.106 11.296 10.563 9.899 9.295 8.745 10.380 15 3.865 2.849 1.938 11.118 9.712 9.108 16 14.718 13.578 12.561 11.652 10.838 10.106 9.447 9.763 17 15.562 4.292 3.166 12.166 11.274 10.477 18 16.398 14.992 13.754 12.659 11.690 10.828 10.059 19 17.226 15.678 14.324 13.134 12.085 11.158 10.336 14.877 13.590 8.046 6.351 12.462 11.470 10.594 22.023 19.523 17.413 15.622 14.094 12.783 11.654 30 25.808 22.396 19.600 17.292 15.372 13.765 12.409 17.159 40 32.835 27.355 23.115 19.793 15.046 13.332 39.196 31.424 25.730 21.482 18.256 15.762 13.80 Appendix D (concluded) Present value of an annuity of $1 Percent Period 13% 14% 15% 6% 7% 18% 19% 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.833 1.626 1.668 1.647 1.605 1.585 1.566 1.547 1.528 2.361 2.322 2.283 2.246 2.210 2.174 2.140 2.106 2.974. 2.914. 2.855 2.798 2.743 2.690 2.639 2.589 3.517 3.433 3.352 3.274 3.199 3.127 3.058 2.991 3.998 3.889 3.784. 3.685 3.589 3,498 3.410 3.326 4.423 4.288 4.160 4.039 3.922 3.812 3.706 3.605 3.837 4.799 4.639 4.487 4.344. 4.207 4.078 3.954. 5.132 4.946 4.772 4.607 4.45 4.303 4.163 4.031 10 5.426. 5.216 5.019 4.833 4.659 4.494 4.339 4.192 5.687 5,453 5.234. 5.029 4.836 4.656 4.486 4.327 12 5.918 5.660 5.421 5.197 4.988 4.793 4.611 4.439 13 6.122 5.842 5.583 5.342 5.118 4.910 4.715 4.533 14 6,302 6.002 5.724. 5.468 5.229 5.008 4.802 4.611 15 6.462 6.142 5.847 5.575 5.324 5.092 4.876 4.675 16 6.604 6.265 5.954. 5.668 5.405 5.162 4.938 4.730 17 6.729 6.373 6.047 5.749 5.475 5.222 4.988 4,775 18 6.840 6.467 6.128 5.818 5.534 5.273 5.033 4.812 19 6.938 6.550 6.198 5.877 5.584 5.316 5.070 4.843 20 025 6.623 6.259 5.929 5.628 5.353 5.101 4.870 25 7.330 6.873 6.464. 6.097 5.766 5.467 5.195 4.948 7.496 7.003 5.517 30 6.566 5.829 5.235 4.979 40 7.634. 7.105 6.642 6.233 5.87 5.548 5.258 4.997 50 7.675 7.133 6.661 6.246 5.880 5.554 5.262 4.999 8%, 10% 0.926 0.917 0.909 1.783 1.759 2.577 2.53 2.487 3.312 3.240 3.170 3.993 3.890 3.791 4.623 4.486 4.355 5.206 5.033 4,868 5.747 5.535 5.335 6.247 5.995 5.759 6.710 6.418 6.145 7.139 6.805 6.495 7.536 7.16 6.814 7.904 7.487 7.103 8.244 7.786 7.367 7.006 8.559 8.06 8.85 8.313 7.824 9.122 8.544 8.022 9.372 8.756 8.201 9.604 8.950 8.365 9.818 9.129 8.514 10.675 9.823 9.077 11.258 10.274 9.427 11.925 10.757 9.779 12.233 10.962 9.915 25% 35% 0.800 0.769 0.741 1.361 440 1.289 1.952 1.816 1.696 2.362 2.166 1.997 2.689 2.436 2.220 2.95 2.643 2.385 3.16 2.802 2.508 2.925 2.598 3.329 3.463 3.019 2.665 3.571 3.092 2.715 3.656 3.147 2.752 3.725 3.190 2.779 3.223 3.780 2.799 3.824 3.249 2.814 3.268 3.859 2.825 3.887 3.283 2.834 3.910 3.295 2.840 3.304 3.928 2.844 3.942 3.3 2.848 3.954. 3.316 2.850 3.985 3.329 2.856 3.995 3.332 2.857 3.999 3.333 2.857 4.000 3.333 2.857 11% 12% 0.893 0.901 1.713 1.690 2.444 2.402 3.102 3.037 3.696 3.605 4.231 4.712 4.564. 5.146 4.968 5.537 5.328 5.889 5.650 6.207 5.938 6.492 6.194. 6.750 6.424 6.982 6.628 7.191 6.811 7.379 6.974. 7.549 7.120 7.702 7.250 7.366 7.839 7.963 7.469 8.422 7.843 8.694 8.055 8.951 8.244 9.042 8.304. 50% 0.714 0.667 1.224 1.407 589 1.849 1.605 2.035 1.737 2.168 1.824. 2.263 1.883 2.331 922 2.379 1.948 2.414 1.965. 2.438 977 2456 1.985 2.469 1.990 2.478 2.484 1.995 2.489 1.997 2.492 1.998 2.494 1.999 2.496 2.497 1.999 2.499 2.000 2.500 2.000 2.500 2.000 2.500 2.000