Use the attached spreadsheet (if required) for the following question:

Randel Company is evaluating a capital expenditure proposal that has the following predicted cash flows:

Initial investment	$45,110
Operation (cash inflow)
Year 1	20,640
Year 2	30,000
Year 3	10,000
Salvage value (sold at end of year 3)	4,000

Determine the Internal Rate of return of this project (write your answer in percentage - round up to two decimal points. For e.g a rate of 8.35 percent should be written as 8.35).