Please help solve for the irr

View Policies Current Attempt in Progress A hospital is considering purchasing a new medical dispensing cabinet that will cost $290,000. It believes that this cabinet will reduce the amount of labor required to track and administer medications and will also result in fewer expired medicines. It estimates the medical dispensing cabinet will result in a savings of $34,000 at the end of year one and that the savings will increase by $8,000 per year for each of the 8 years that the machine will be used. What is the IRR of this investment? Click here to access the TVM Factor Table calculator. Carry all interim calculations to 5 decimal places and then round your final answer to 1 decimal place. The tolerance is 0.3. If the hospital's MARR is 12%, should they invest in this cabinet?