You are evaluating the founding of a chemical precursor plant that you think requires 350,000,000 pesos of investment. On the way to SLP there is an industrial park that can function as a base for your plant. The rent for the first year of the industrial warehouse will cost you 2,500,000 pesos. You have to invest 200,000,000 pesos to buy machinery, forklifts, racks, and other types of fixed assets. They have a useful life of 10 years (D&A). You estimate that during your first year you will obtain 320,000,000 pesos in sales and that you can grow during the next 5 years at a rate of 12.5% per year. You estimate the average gross margin of the products you are going to sell to be 40% during your first year. Starting in your second year of operation, this margin improves by 0.25% every year. For your first year of operation you have a payroll expense of 11,500,000 pesos and other expenses for security, water, electricity etc. That amount to 1,200,000 pesos annually. Assume that ALL your SG&A grows at a rate of 8.5% per year. You went to a banker who lent you 120,000,000 pesos for the project. You put the rest. The banker lent you at a rate of 14.5% per year and you have to repay the loan in 10 annual payments (you pay on the last day of the year) equal capital. Assume that you have an initial inventory of 120,000,000 that you pay in cash (that is, it was not financed by your suppliers) from your year 1 it is prudent that you keep 180 days of inventory. Use 360 days per year as the calculation basis. Assume that you have to give your customers 60 days to pay for what you sell them. Assume that from your "Year 1" your suppliers give you 45 days of credit. You have a tax rate (ISR) of 30%. Generates annual financial projections for 5 years including Income Statement, Balance Sheet, Cash Flow. Assume that you sell the trading company at the end of your 5th year of operation at a valuation of 4.0x EV / EBITDA. What IRR does the project give you?