Given the following information, what is the IRR on the residual class? (Round your answer to 2 decimal places)

A CMO is being issued with 3 tranches. The issue will be overcollateralized by $5M and the issuer (residual) will receive cash flows only after all classes of investors have been completely repaid.

Priority payments will be made to the A tranche and will include the promised coupon. Interest will be accrued to the Z tranche until A is completely repaid. The B class will receive interest payments only until the A class is repaid. The A class will then receive all remaining CFs from the pool that year. After A is repaid, B will receive priority principal payments. The Z class will accrue interest at 10% until both A and B are repaid. It will receive current interest and principal payments at that time.

At the beginning of year 10 (the final year in the security) there is $4M outstanding in principal owed to class Z investors. Additionally, the pool of mortgages generates $19,555,232 in cash flows in year 10.

Assume there is no prepayment and no servicing fees, and payments are annual. (Input your answer as follows: for example, if your answer is ten and a half percent, enter 10.50)