Wayne Company is considering a long-term investment project called ZIP. ZIP will require an investment of $123,600. It will have a useful life of 4 years and no salvage value. Annual cash inflows would increase by $86,400, and annual cash outflows would increase by $45,200. The companys required rate of return is 12%. Calculate the internal rate of return on this project. (Round answers to 0 decimal places, e.g. 15%.) Internal rate of return on this project is between 12% and what?