Industrial Services is analyzing a proposed investment that would initially require $489,000 of new equipment. This equipment would be depreciated on a straight-line basis to a zero balance over the four-year life of the project. The estimated salvage value is $135,000. The project requires $32,000 initially for net working capital, all of which will be recouped at the end of the project. The projected operating cash flow is $174,900 a year.What is the internal rate of return on this project if the relevant tax rate is 35 percent?