Scott papers, Inc. is considering a new inventory system that will cost $710,000. The system is expected to generate -$115,000 (negative) in year one, $315,000 in year two, $490,000 in year three, and $350,000 in year four. Scott's required rate of return is 7%. What is the internal rate of return (IRR) of this project? 16.21% 13.50% 12.47% 11.98%