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

$156

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

$11

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

[Note: Give your answer in percent, to one decimal place, without the percent sign; for example 7.1, 9.3, 29.4.]