Your firm is contemplating the purchase of a new $595,000 computer-based order entry system. The system will be depreciated straight-line to zero over its 5-year life. It will be worth $81,000 at the end of that time. You will save $184,000 before taxes per year in order processing costs, and you will be able to reduce working capital by $96,000 (this is a one-time reduction). If the tax rate is 24 percent, what is the IRR for this project?

NO EXCEL. If you post Excel you are wasting my time. Do not answer this question with Excel.

Please include FORMULAS and STEP BY STEP solution. If you cannot follow these guidelines please don't answer.

Thank you! Will upvote.