Your shop foreman proposes buying a new widget stamping machine. The machine will cost $$220,000$ and will save an estimated $$74,000$ per year in costs for its lifespan of $3$ years. It will be eligible for bonus depreciation and have a resale$/$salvage value of $$60,000.$

The machine will also require maintenance capex of $$5,000$ per year in years $1-3.$ That capex will be depreciated in the year it is spent.

If your firm has a tax rate of $21\%,$ what is the IRR of the proposal?