The RRK buyout fund is considering an investment in a fertilizer distribution center. The stock currently trades at $22 per share with 150,850,000 shares outstanding. RRK offers $27 per share, 75% of which is funded by high-yield debt securities. The fund believes it can work with management to grow the firm at a rate of about 6% while also retiring half of the high-yield debt by an expected exit in year 6 , reinvesting any profit in growth and debt reduction. What is the expected IRR of this investment? Note: Do not round intermediate calculations. Round your answer to 2 decimal places