The Fitness Center is considering including a treadmill in this year's capital budget. The cash outlay for the treadmill is $2,340. The firm's cost of capital is 11%. After-tax cash flows, including depreciation, are as shown in the table below. Calculate the internal rate of return (IRR) for this project.

End of Year	Cash Flow
1	$785
2	785
3	785
4	785
5	785

The IRR of the project is?____% (Round to two decimal places.)