Exercise $24-20$A $($Algo$)$ IRR for investment using Excel LO P$4$

OptiLux is considering investing in an automated manufacturing system. The system requires an initial investment of $$5\mathrm{.}0$ million, has a $20-$year life, and will have zero salvage value. If the system is implemented, the company will save $$780,000$ per year in direct labor costs. The company requires a $12\%$ return from its investments.

Using Excel, compute the internal rate of return for the proposed investment. $($Round your answer to $2$ decimal places.$)$

Internal rate of return