A company is considering purchasing equipment costing $120,000. The equipment is expectod to retuce costs from year 1 to 3 by $35, 000. year 4 to 7 by $15000, and in year 8 by 55.000. In year 8, the equipment can be sold at a salvage value of $23,000 Calculate the internal rate of return (tRR) for this proposal. The internal rate of returi is K 1 (Round to the nearest fenth as needed)