Suppose your firm is considering investing in a project with the cash flows shown below, that the required rate of return on projects of this risk class is 9 percent, and that the maximum allowable payback and discounted payback statistics for the project are 2.0 and 3.0 years, respectively.

Time: 0 1 2 3 4 5 6

$-7,100 $1,000 $2,200 $1,400 $1,400 $1,200 $1,000

Use the IRR decision rule to evaluate this project. Note: Negative amount should be indicated by a minus sign. Round your answer to 2 decimal places.