A firm plans to purchase equipment that will enable a new product line. The equipment will be usable for 10 years. Next years revenues are expected to equal $13,000,000 per year over the operating period. cash expenses will equal 50% of revenues. The equipment will cost $2,000,000 (payable today) and will be depreciated according to 7 year MACRS. With a tax rate of 21% and a discount rate of 10% what is the IRR of equipment?