(10/25 IRR of uneven cash-flow stream)

Microwave Oven Programming, Inc. is considering the construction of a new plant.

The plant will have an initial cash outlay of:

$16 million, and will produce free cash flows of $5 million at the end of year 1,

$6 million at the end of year 2,

$4 million at the end of years 3 through 5.

What is the internal rate of return on this new plant?

(Round to two decimal places.)