XYZ Pty Ltd is considering to purchase a new machine. the cost of new machine is $428000 and it will be depreciated using straight line depreciation method to zero over six-year lifetime. The pretax resale value $215000. the new machine will save $148000 before tax per year and reduce working capital by total of $46000 at the beginning of the project. Working capital will revert to normal at the end of the project. Given the tax rate is 34%, evaluate IRR for this project.