A real estate investor likes to flip houses. That is, he likes to buy a house at a low price and then flip or sell the house for a higher price. The investor is looking at a foreclosed house that will cost $231,753.00 today. He will invest an additional $49,904.00 in the first year of owning the house to upgrade its features. He then believes he can sell the house for $419,603.00 at the end of the second year.

What is the IRR of this investment?

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Answer format: Percentage Round to: 2 decimal place