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

OptiLux is considering investing in an automated manufacturing system. The system requires an initial investment of $$4$ million, has a $20-$year life, and will have zero salvage value. If the system is implemented, the company will save $$500,000$ per year in direct labor costs. The company requires a $10\%$ return from its investments.

Using Excel, compute the internal rate of return for the proposed investment.

Note: Round your answer to $2$ decimal places.

Internal rate of return

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