General Hospital is planning to add a new diagnostic machine which should improve its quality of certain blood tests. The machine under consideration has a cost of $61,044 and is expected to save the hospital $7,610 each year. The machine has an expected useful life of 17 years.
Calculate the internal rate of return on the diagnostic machine. (Round answer to 0 decimal places, e.g. 16%.)
Internal rate of return
Please explain your answer