Quantitative Problem: Bellinger Industries is considering two projects for inclusion in its capital budget, and you hav do the analysis. Both projects' after$-$tax cash flows are shown on the time line below. Depreciation, salvage values, net working capital requirements, and tax effects are all included in these cash flows. Both projects have $4-$year lives, and characteristics similar to the firm's average project. Bellinger's WACC is $8\%.$

What is Project Delta's IRR? Do not round intermediate calculations. Round your answer to two decimal places.