Brandon Company is contemplating the purchase of a new piece of equipment for $37,000. Brandon is in the 20% income tax bracket. Predicted annual after-tax cash inflows from this investment are $14,000, $12,000, $5,000, $8,000 and $6,000 for years 1 through 5, respectively. The firm uses straight-line depreciation with no residual value at the end of five years. Assume that the after-tax hurdle rate for accepting new capital investment projects by the company is 496, after-tax. (Note: PV $1 factors for 4% are as follows: for year 1-0.962, for year 2-0.925, for year 3-0.889, for year 4 0.855, for year 5 0.822; the PV annuity factor for 4%, 5 years 4.452.) The estimated internal rate of return (IRR) on this investment is