A company is considering purchasing equipment costing $70,000. The equipment is expected to reduce costs from year 1 to 3 by $7,000, year 4 to 8 by $10,000, and in year 9 by $6,000. In year 9, the...

Extracted text: A company is considering purchasing equipment costing $70,000. The equipment is expected to reduce costs from year 1 to 3 by $7,000, year 4 to 8 by $10,000, and in year 9 by $6,000. In year 9, the equipment can be sold at a salvage value of $15,000. Calculate the internal rate of return (IRR) for this proposal. ..... The internal rate of return is %. %6. (Round to the nearest tenth as needed.)