McGilla Golf has decided to sell a new line of golf clubs. The length of this project is seven years. The company has spent $1110000 on research and development for the new clubs. The plant and equipment required will cost $28699325 and will be depreciated on a straight-line basis. The new clubs will also require an increase in net working capital of $1325771 that will be returned at the end of the project. The OCF of the project will be $8625960. The tax rate is 32 percent. What is the IRR for this project? (Enter your answer as a percentage, omit the"%" sign in your response, and round your answer to 2 decimal places. For example, 0.12345 or 12.345% should be entered as 12.35.)