Scheer Corporation is involved in the business of injection molding of plastics. It is considering the purchase of a new computer-aided design and manufacturing machine for $430,500. The company believes that with this new machine it will improve productivity and increase quality, resulting in an increase in net annual cash flows of $104,709 for the next 6 years. Management requires a 14% rate of return on all new investments. Calculate the internal rate of return on this new machine.