Henrie’s Drapery Service is investigating the purchase of a new machine for cleaning and blocking drapes. The machine would cost $171,650, including freight and installation. Henrie’s estimated the...

Henrie’s Drapery Service is investigating the purchase of a new machine for cleaning and blocking drapes. The machine would cost $171,650, including freight and installation. Henrie’s estimated the new machine would increase the company’s cash inflows, net of expenses, by $50,000 per year. The machine would have a five-year useful life and no salvage value.

Suppose the new machine would increase the company’s annual cash inflows, net of expenses, by only $47,610 per year. Under these conditions, what is the internal rate of return?(Round your answer to the nearest whole percentage, i.e. 0.123 should be considered as 12%.)