XYZ Company is considering investing in a new project that requires an initial outlay of $1,500,000. The project is expected to generate a cash flow of $450,000 at the end of each year for the next five years. The company's cost of capital is 12% per annum. If the company wants to achieve a net present value of at least $500,000 for the project, what is the minimum required internal rate of return (IRR) for the project? Provide a detailed explanation for your answer.