Caspian Sea Drinks is considering the production of a diet drink. The expansion of the plant and the purchase of the

equipment necessary to produce the diet drink will cost $$28\mathrm{.}00$ million. The plant and equipment will be depreciated

over $10$ years to a book value of $$3\mathrm{.}00$ million, and sold for that amount in year $10.$ Net working capital will increase by

$$1\mathrm{.}38$ million at the beginning of the project and will be recovered at the end. The new diet drink will produce revenues

of $$8\mathrm{.}80$ million per year and cost $$1\mathrm{.}92$ million per year over the $10-$year life of the project. Marketing estimates $14\mathrm{.}00\%$

of the buyers of the diet drink will be people who will switch from the regular drink. The marginal tax rate is $32\mathrm{.}00\%.$ The

WACC is $11\mathrm{.}00\%.$ Find the IRR $($internal rate of return$).$

Answer format: Percentage Round to: $4$ decimal places $($Example: $9\mathrm{.}2434\%,\%$ sign required. Will accept decimal

format rounded to $6$ decimal places $($ex: $0\mathrm{.}092434))$