Management of John Johnson, a confectioner, is considering purchasing a new jelly bean-making machine at a cost of $298,254. It projects that the cash flows from this inves tment will be $120,730 for each of the next seven years. If the appropriate discount rate is 14 percent, what is the IRR that John Johnson management can expect on this project? (Do not round discount foctors. Round other. intermediate calculations to 0 decimal places eg. 15 and final answer to 2 decimal places, eg. 5.25\%). IRR is %