Cirice Corporation is considering opening a branch in another state. The operating cash flow will be $161,700 a year. The project will require new equipment costing $574,000 that would be depreciated on a straight-ine basis to zero over the 6 -year life of the project. The equipment will have a market value of $165,000 at the end of the project. The project requires an initial investment $38.000 in net working capital, which will be recovered at the end of the project. The tax rate is 22 percent. What is the project's IRR