The Steel Factory is considering a project that will produce annual cash flows of $42,500 in Year 1, $35,300 in Year 2, $24,970 in Year 3, and $45,980 in Year 4. What is the internal rate of return if the company has to invest $123,345 at the start of the project? (NOTE: Round your answer to two decimal places and report it as a percent: for 1.55% you would write 1.55)