The table below provides proposed debt projections for a leveraged buyout transaction. All numbers are in million dollars. The projections assume that in each of the next five years, future capital expenditures and depreciation, will each be $100 million, and there will be no additions to net working capital. (You can assume the projections are correct.) The total purchase price is 7.1 billion, which will be funded with $6 billion in total debt and $1.1 billion in equity. The deal will close at the end of fiscal year 2019 and the private equity plans to exit the investment at the end of 2024. The private equity group estimates that they will be able to exit in 2024 at an enterprise value/EBITDA multiple of 7.3. They do not expect to have any cash. What is the IRR of the investment from the private group's perspective? [Please express your answer in percentage points with one digit after the decimal point. E.g., if the IRR is 16.57%, just write 16.6]

2020 2021 2022 2023 2024 EBIT 700 720 750 800 900 Interest expense 420 405 387 367 343 Pre-tax income 280 315 363 433 557 Taxes (21%) 59 66 76 91 117 Net Income 221 249 287 342 440 CF available to pay 221 249 287 342 440 down debt 6000 5779 5530 5243 4901 Debt balance (beginning of year) Debt balance (end of year) 5779 5530 5243 4901 4461