Suppose an investor is interested in purchasing the following income-producing property at a current market price of $450,000. The prospective buyer has estimated the expected cash flows over the next four years to be as follows: year 1 = $30,000; year 2 = $35,000; year 3 = $50,000; year 4 = $55,000. Assuming that the required rate of return is 12 percent and the estimated proceeds from selling the property at the end of year 4 is $500,000, what is the IRR of the project