McGilla Golf has decided to sell a new line of golf clubs.Thelength of this projectis seven years.The company has spent $1110000 on research and development for the new clubs. The plant and equipment required will cost $28601042 and will be depreciated on a straight-line basis. The new clubs will also require an increase in net working capital of $1315378 that will be returned at the end of the project. The OCF of the project will be $8508945. The tax rate is 32 percent. What is the IRRfor this project?