(IRR with uneven cash flows)

The Tiffin Barker Corporation is considering introducing a new currency verifier that has the ability to identify counterfeit dollar bills. The required rate of return on this project is 12 percent. What is the IRR on this project if it is expected to produce the following free cash flows:

Initial outlay -1,100,608 FCF in year 1 240,000 FCF in year 2 400,000 FCF in year 3 400,000 FCF in year 4 240,000 FCF in year 5 240,000 FCF in year 6 100,000

The IRR on this project is ___%.

(Round to two decimal places.)