Management of Franklin Mints, a confectioner, is considering purchasing a new jelly bean-making machine at a cost of $225,566. They project that the cash flows from this investment will be $103,640 for the next seven years. If the appropriate discount rate is 14 percent, what is the IRR that Franklin Mints management can expect on this project? (Round answer to 2 decimal places, e.g. 5.25%.)