A project has an initial cost of $45,000. The incremental inflows associated with the project are $20,000 in year one, $15,000 in year two, $10,000 in year three, and $8,000 in year four. All cash inflows are at the end of the year. The appropriate discount rate for this project is 8.0%. What is the project's internal rate of return? Use Excel's IRR function to answer to answer the question. Report the percentage to two decimal places.