(IRR of uneven cash-flow stream)

Microwave Oven Programming, Inc. is considering the construction of a new plant. The plant will have an initial cash outlay of $15 million and will produce cash flows of $5 million at the end of year 1, $6 million at the end of year 2, and $4 million at the end of years 3 through 5. What is the internal rate of return on this newplant?

The internal rate of return on this new plant is _____?

(Round to two decimal places.

Use the Formula method.