Randel Company is evaluating a capital expenditure proposal that has the following predicted cash flows:

Initial investment $45,110

Operation (cash inflow)

Year 1 20,640

Year 2 30,000

Year 3 10,000

Salvage value (sold at end of year 3) 4,000

Determine the Internal Rate of return of this project (write answer in percentage - round up to two decimal points. For e.g a rate of 8.35 percent should be written as 8.35).