Calculate the IRR for Cuenca Company. The company's cost of capital is 16%. Round your answer to the nearest percent.

Cuenca Company is considering the purchase of new equipment that will speed up the process for producing flash drives. The equipment will cost $7,200,000 and have a life of 5 years with no expected salvage value. The expected cash flows associated with the project follow:

Year		Cash Revenues		Cash Expenses
1		$8,000,000		$6,000,000
2		8,000,000		6,000,000
3		8,000,000		6,000,000
4		8,000,000		6,000,000
5		8,000,000		6,000,000