internal rate of return richins company produces automobile engine parts. the company is examining the possibility of investing in a new production system that will reduce the costs of the current system. the new system will require a cash investment of $11,551,968 and will produce net cash savings of $1,800,000 per year. the system has a projected life of 10 years. required: calculate the irr for the new production system. for discount factors use exhibit 12b-2. round your answer to the nearest whole percentage.