4. A firm evaluates all of its projects by applying the IRR rule. A project under consideration has the following cash flows:

Year	Cash Flow
0	$	28,700
1		12,700
2		15,700
3		11,700

If the required return is 15 percent, what is the IRR for this project? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

IRR

%