You have been asked to select an alternative project based on its IRR. The project invovles buying a new poliching machine that will replace three workers who polish the parts by hand. The machine...

You have been asked to select an alternative project based on its IRR. The project invovles buying a new poliching machine that will replace three workers who polish the parts by hand. The machine will cost $375,280 in year 1. The workers each cost $31,000 per year in salary and benefits. The machine will require and expected $1500 per year in maintenance and will have a useful lifespan of 9 years. At the end of 9 years, the machine will have an expected salvage value of $7000. Your corporate WACC is 5%. What is the IRR for this project cashflow?