You have been asked to calculate the internal rate of return for an investment with the following cash flows, using the Excel IRR function:

The cost of the investment is $$500,000.$

Cash flows in years $1$ through $5$ are $$200,000$;$$160,000$;$$120,000$;$$80,000$; and $$40,000,$ respectively.

The residual value of the investment is $$25,000.$

Using Excel's IRR function, what is the internal rate of return on the investment after $5$ years?