Same information as previous question. Suppose your company is considering creating a new product. To create the product you will have to engage in many costly activities such as research development, marketing and so forth. The cost of all of this is $200,000 today. Your pro-forma analysis suggests that the product will generate incremental cash flows of $50,000 in year 1, $60,000 in year 2, $70,000 in year 3 and $80,000 in year 4. Assume a discount rate of 8%

What is the IRR of this project?