The Blue Sky Ski Resort plans to install a new chair lift. Construction is estimated to require an immediate outlay of $230,000. The life of the lift is estimated to be fifteen years with a salvage value of $80,000. Cost of clearing and grooming the new area is expected to be $25,000 for each of the first three years of operation. Net cash inflows from the lift are expected to be $40,000 for each of the first five years and $70,000 for each of the following ten years. Calculate the internal rate of return (IRR).