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Corn Doggy, Inc. produces and sells corn dogs. The corn dogs are dipped by hand....

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Accounting

Corn Doggy, Inc. produces and sells corn dogs. The corn dogs are dipped by hand. Austin Beagle, production manager, is considering purchasing a machine that will make the corn dogs. Austin has shopped for machines and found that the machine he wants will cost $215,000. In addition, Austin estimates that the new machine will increase the companys annual net cash inflows by $33,000. The machine will have a 12-year useful life and no salvage value.

Required:

What is the approximate internal rate of return associated with this investment?

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