J-Mart is looking to expand an existing project that requires an immediate investment of $94 million. The firm anticipates that the expansion project will generate one future cash flow of $153 million that will arrive at the end of year 10, and only in that year. The company considers the required rate of return of the project to be 3%

Calculate the project's internal rate of return:_____________________________ %

Notes on Formatting: Place your answer in PERCENTAGE form with two decimal places of accuracy. For example, if your answer is thirteen point seventy five percent, do not round that answer to fourteen percent, but instead place your answer as 13.75 and NOT as .1375.