Please help with the answer to this question. I need a step by step answer. Thank you in advance.

Internal Rate of Return Analysis. Heston Farming Company would like to purchase a harvesting machine for $100,000. The machine is expected to have a life of 4 years, and a salvage value of $20,000. Annual maintenance costs will total $28,000. Annual savings are predicted to be $60,000. The companys required rate of return is 11 percent (this is the same data as the previous exercise).

Required:

1. Use trial and error to approximate the internal rate of return for this investment proposal.

2. Should the company purchase the harvesting machine? Explain.

3. 

EXERCISES (continued) 36. Internal Rate of Return Analysis a. Summarize your results for finding the internal rate of return in the text box below: 15% % Cash Flow In (Out) Present Value Present Value Factor Factor Item Description Purchase price (today) Annual maintenance costs (years 14) Annual savings (years 1-4) Salvage value (end of year 4) Net present value *** $ 2,796 * Because this is not an annuity, use Figure 8.9 in the Appendix. ** Because this is an annuity, use Figure 8.10 in the Appendix. b. Provide your answer in the text box below