Salmon Treats wants to upgrade their canning conveyor belt at a cost of $310,000. Their old one will be donated to a local technical school. The new belt system is expected to have a four year life and be sold for $30,000 at the end of its useful life. The belt is expected to lower costs by $34,000 each year as well as increase production and sales by $71,000 each year. Their working capital is not expected to change much. The required rate of return is 7%. What is the IRR of this investment? Report in text box the interest rate rounded to two decimal places. Do not include the % sign