The RRK buyout fund is considering an investment in a fertilizer distribution center. The stock currently trades at $24 per share with 150,200,000 shares outstanding. RRK offers $29 per share, 80% of which is funded by high-yleid debt securities. The fund believes it can work with management to grow the firm at a rate of about 3% while also retiring half of the high-yleld 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