Management of Richard Miller, a confectioner, is considering purchasing a new jelly bean-making machine at a cost of $480,528. It projects that the cash flows from this investment will be $112,420 for each of the next seven years. If the appropriate discount rate is 14 percent, what is the IRR that Richard Miller management can expect on this project? (Do not round discount foctors. Round other intermediate calculations to 0 decimal places es. 15 and final answer to 2 decimal places, eg. 5.25\%) IRR is %