Cirice Corporation is considering opening a branch in another

state. The operating cash flow will be $$153,400$ a year. The project

will require new equipment costing $$553,000$ that would be

depreciated on a straight$-$line basis to zero over the $5-$year life

of the project. The equipment will have a market value

of$$$$151,000$ at the end of the project. The project requires an

initial investment of $$34,500$ 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?