A firm is looking at producing an Automated In-home Mouse killer (AIM) to replace mousetraps and housecats. The project has an initial cost of $475,000 and a five year project life is anticipated. The selling price of each AIM unit is $45 and the variable cost per unit is $25. The firm expects to be able to sell 9,500 units per year. Marginal fixed costs are $25,000 per year, including marginal overhead of $3,000 per year. Interest expense is $35,000 per year. Straight line depreciation to a zero salvage is used, and the equipment will not have any salvage value. The project requires an increase in inventory and receivables of $17,500 and an increase in payables of $5,000 for the life of the project. 

If the applicable tax rate is 34% and the WACC is 11%, what is the project's IRR?