Oriole Corp. management is planning to convert an existing warehouse into a new plant that will increase its production capacity by 45 percent. The cost of this project will be $6,736,954. It will result in additional cash flows of $1,903,200 for the next eight years. The discount rate is 10.25 percent.

What is the IRR? (Round answer to 2 decimal places, e.g. 15.25%.)

Please show how to find the IRR using a financial calculator!