Management of Michael Jones, a confectioner, is considering purchasing a new jelly bean-making machine at a cost of $408,463. It projects that the cash flows from this investment will be $132,480 for each of the next seven years. If the appropriate discount rate is 14 percent, what is the IRR that Michael Jones 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\%.) IRR is %