Tranter, Inc., is considering a project that would have a eight-year life and would require a $2,200,000 investment in equipment. At the end of eight years, the project would terminate and the equipment would have no salvage value. The project would provide net operating income each year as follows: (Ignore income taxes.)

Sales			$	2,200,000
Variable expenses				1,450,000
Contribution margin				750,000
Fixed expenses:
Fixed out-of-pocket cash expenses	$	250,000
Depreciation		220,000		470,000
Net operating income			$	280,000

Click here to view Exhibit 13B-2, to determine the appropriate discount factor(s) using tables.

All of the above items, except for depreciation, represent cash flows. The company's required rate of return is 11%.

.	Compute the project's internal rate of return to the nearest whole percent. (Round discount factor(s) to 3 decimal places and final answer to the nearest whole percent. Omit the "%" sign in your response.)