Management of Edward Lewis, a confectioner, is considering purchasing a new jelly beanmaking machine at a cost of $277,992. It projects that the cash flows from this investment will be $103,600 for each of the next seven years. If the appropriate discount rate is 14 percent, what is the IRR that Edward Lewis management can expect on this project? (Do not round discount factors. Round other intermediate calculations to 0 decimal places e.g. 15 and final answer to 2 decimal places, e.g. 5.25\%.)