A firm has an opportunity to invest in a project that will have an initial cost of $800,000. The project will last for 8 years, and depreciation on the project's assets will be on a straight-line basis to zero. The firm's tax rate is 40%, and its required return on this type of project is 10%. The firm has also estimated the unit sales, price per unit, variable costs per unit, and fixed costs associated with the project (as seen in table below). What is the IRR of the project if the firm can sell its product at the upper-bound price, assuming that everything else stay at their base levels? Unit sales Price per unit Variable costs per unit Fixed costs Base Level 60,000 $7 $3.50 $20,000 Lower Bound 50,000 $5 $3 $10,000 Upper Bound 70,000 $9 $4 $30,000