Cullumber corporation is considering investing in a new facility. The estimated cost of the facility is is $1,855,255.$ It will be used for $12$ years, then sold for $714,000.$ The facility will generate annual cash flows of $380,900$ and will need new annual cash outflows of $157,300.$ The company has a required rate of return of $7\%.$ Calculate the internal rate of return on this project.