Lowell Inc. projects unit sales for a new project with a life of FOUR YEARS as follows: Year 2 13 4 Production will require Lowell must have an amount of NOWC on hand equal to 12 percent of the upcoming year's sales. Total fixed costs are $100,000 per year, variable production costs are $240 per unit, and the units are priced at $300 each. The sale price and variable costs will increase by 2 percent every year. The equipment needed to begin production has an installed cost of $2,000,000. The equipment qualifies as 5-year MACRS property. Years Depreciation rate 20% O 30.51% O 11.98% O 31.4% O 21.29% Unit Sales 10,000 12,000 14,000 16,000 2 32% 3 19% 4 12% In FOUR years, this equipment can be sold for about 24 percent of its acquisition cost. Lowell is in the 25 percent marginal tax bracket and has a required return on all its projects of 18 percent. Based on these preliminary project estimates, what is the IRR of the project