Problem $6-7$ Project Evaluation

Your firm is contemplating the purchase of a new $$585,000$ computer$-$based order entry system. The system will be depreciated straight$-$line to zero over its $5-$year life. It will be worth $$73,000$ at the end of that time. You will save $$180,000$ before taxes per year in order processing costs, and you will be able to reduce working capital by $$88,000($this is a one$-$time reduction$).$ If the tax rate is $22$ percent, what is the IRR for this project? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

IRR

$\%$