Read Publishing is considering the purchase of a used printing press costing $84,200. The printing press would generate a net cash inflow of $37,422 a year for 3 years. At the end of 3 years, the press would have no salvage value. The company's cost of capital is 10 percent. The company uses straight-line depreciation. The present value factors of an annuity of $1.00 for different rates of return are as follows:

	Cost of Capital
Period	8%	10%	12%	14%	16%
2	1.78	1.74	1.69	1.65	1.61
3	2.58	2.49	2.40	2.32	2.25
4	3.31	3.17	3.04	2.91	2.80

The investments internal rate of return (rounded to the nearest percent) is