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 $ 27,600

1 11,600

2 14,600

3 10,600

If the required return is 18 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.)