An investment of $21,700 for a new condenser is being consid…
An investment of $21,700 for a new condenser is being considered. The estimated salvage value of the condenser is $4,660 at the end of an estimated life of 6 years. Annual income each year for the 6 years is $8,220. Annual operating expenses are $2,330. Assume money is worth 18% compounded annually. What is the internal rate of return of this project? Enter the IRR using two (2) significant decimal digits, i.e., X.xx or XX.xx.