The Utah Mining Corporation is set to open a gold mine near Provo, Utah. According to the treasurer, Monty Goldstein, This is a golden opportunity. The mine will cost $750,000 to open and will have an economic life of 6 years. It will generate cash inflow of $175,000 at the end of the first year, and the cash inflows are projected to grow at 5 percent per year for the next 5 years. What is the IRR for the gold mine?