The Tiffin Barker Corporation is considering introducing a new currency verifier that has the ability to identify counterfeit dollar bills. The required rate of return on this project is 11 percent. What is the IRR on this project if it is expected to produce the following free cash flows:

The IRR on this project is ____%. (Round to two decimal places.)

\begin{tabular}{lr} \hline Initial outlay & $1,139,021 \\ FCF in year 1 & 260,000 \\ FCF in year 2 & 340,000 \\ FCF in year 3 & 340,000 \\ FCF in year 4 & 260,000 \\ FCF in year 5 & 260,000 \\ FCF in year 6 & 160,000 \\ \hline \end{tabular}