King's Department Store is contemplating the purchase of a new machine at a cost of $32,065. The machine will provide $5,400 per year in cash flow for eleven years. King's has a cost of capital of 9 percent. Use Appendix D for an approximate answer but calculate your final answer using the financial calculator method. a. What is the internal rate of return? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Internal rate of return : % Appendix D Present value of an annuity of $1, PVIFA PVA=A1- (1 + i)" Percent 1% 3% 5% 6% 8% 10% 11% 7% 0.935 0.971 0.952 0.901 Period 1 2 3 0.926 1.783 2.577 1.713 1.859 2.723 3.546 4.329 1.808 2.624 3.387 9% 0.917 1.759 2.531 3.240 3.890 0.909 1.736 2.487 3.170 12% 0.893 1.690 2.402 3.037 3.605 4 3.312 3.993 2.444 3.102 3.696 5 6 5.076 4.486 5.033 4.231 4.712 4% 0.962 1.886 2.775 3.630 4.452 5.242 6.002 6.733 7.435 8.111 8.760 9.385 9.986 4.111 4.564 7 8 5.146 4.968 5.328 9 5.537 5.889 10 5.650 11 12 2% 0.980 1.942 2.884 3.808 4.713 5.601 6.472 7.325 8.162 8.983 9.787 10.575 11.348 12.106 12.849 13.578 14.292 14.992 15.678 16.351 19.523 22.396 27.355 31.424 0.990 1.970 2.941 3.902 4.853 5.795 6.728 7.652 8.566 9.471 10.368 11.255 12.134 13.004 13.865 14.718 15.562 16.398 17.226 18.046 22.023 25.808 32.835 39.196 5.938 6.194 1.913 2.829 3.717 4.580 5.417 6.230 7.020 7.786 8.530 9.253 9.954 10.635 11.296 11.938 12.561 13.166 13.754 14.324 14.877 17.413 19.600 23.115 25.730 13 0.943 1.833 2.673 3.465 4.212 4.917 5.582 6.210 6.802 7.360 7.887 8.384 8.853 9.295 9.712 10.106 10.477 10.828 11.158 11.470 12.783 13.765 15.046 15.762 6.424 4.100 4.767 5.389 5.971 6.515 7.024 7.499 7.943 8.358 8.745 9.108 9.447 9.763 10.059 10.336 10.594 11.654 12.409 14 3.791 4.355 4.868 5.335 5.759 6.145 6.495 6.814 7.103 7.367 7.606 7.824 8.022 8.201 8.365 8.514 9.077 5.786 6.463 7.108 7.722 8.306 8.863 9.394 9.899 10.380 10.838 11.274 11.690 12.085 12.462 14.094 15.372 17.159 18.256 6.628 10.563 11.118 15 4.623 5.206 5.747 6.247 6.710 7.139 7.536 7.904 8.244 8.559 8.851 9.122 9.372 9.604 9.818 10.675 11.258 11.925 12.233 16 5.535 5.995 6.418 6.805 7.161 7.487 7.786 8.061 8.313 8.544 8.756 8.950 9.129 9.823 10.274 10.757 10.962 6.207 6.492 6.750 6.982 7.191 7.379 7.549 7.702 7.839 7.963 8.422 8.694 17 6.811 6.974 7.120 7.250 7.366 7.469 11.652 12.166 12.659 13.134 13.590 15.622 17.292 19.793 21.482 18 19 20 25 7.843 8.055 30 9.427 40 9.779 13.332 13.801 8.951 9.042 8.244 8.304 50 9.915