Shamrock Company is considering a long-term investment project called ZIP. ZIP will require an investment of $136,000. It will have a useful life of four years and no salvage value. Annual cash inflows would increase by $79,800, and annual cash outflows would increase by $38,300. In addition, the company's required rate of return is 9%.

(a) Calculate the internal rate of return on this project. (Round answer to 1 decimal place, e.g. 5.2%)