You are considering an investment opportunity that requires an initial investment of

$157 million in period 0. Starting in one year, it will generate $12.5

million per year in perpetuity (i.e. every year forever). The cost of capital is 13% . What is the IRR (the internal rate of return) for the project?

[Note that getting the actual value should not require trial and error or a financial calculator, because this is a simple case.]

[Give your answer in percent, to one and only one decimal place, and with no percentage sign.

enter your response here