#27 * Finding the Internal Rate of Return (IRR) of an Investment: A company is considering buying a new piece of machinery that costs $8M and has a salvage value of $1.5M at the end of its 10-year...

#27 * Finding the Internal Rate of Return (IRR) of an Investment:  A company is considering buying a new piece of machinery that costs $8M and has a salvage value of $1.5M at the end of its 10-year useful life.  The machinery nets $2.3M per year in annual revenues.  MARR = 10%.  The internal rate of return (IRR) on this investment is approximately _____________.