Stroubles Creek Capital, a private equity firm based in Blacksburg, Virginia. In early 2022, Stroubles Fund IV, a private equity fund controlled by Stroubles Creek Capital, offered to acquire McComas Sports for 9x the companys 2021 EBITDA. They financed the deal with $645 million of equity and $1.437 billion of debt. Stroubles Fund IV supplied 95% of cash needed for the equity for the LBO and received an 89% equity ownership percentage. A set of projections put together by Stroubles Creek Capital is provided in Exhibit 1. If the company performs as expected in the projections and Stroubles Creek Capital can sell the company for a 9x EBITDA multiple in early 2025, calculate the IRR (annualized return) that will be achieved by Stroubles Fund IV in the investment. Assume that there is no excess cash and that they incur fees of 1.75% when they buy and sell the business.