Your firm is contemplating the purchase of a new $$590,000$ computer$-$based order entry system. The system will be depreciated straight$-$line to zero over its five$-$year life. It will be worth $$62,000$ at the end of that time. You will save $$220,000$ before taxes per year in order processing costs, and you will be able to reduce working capital by $$77,000($this is a one$-$time reduction$).$ If the tax rate is $22$ percent, what is the IRR for this project?

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