Cirice Corporation is considering opening a branch in another state. The operating cash flow will be $165,300 a year. The project will require new equipment costing $583,000 that would be depreciated on a straight-line basis to zero over the 6-year life of the project. The equipment will have a market value of $171,000 at the end of the project. The project requires an initial investment of $39,500 in net working capital, which will be recovered at the end of the project. The tax rate is 21 percent. What is the project's IRR?