You have the following information about Burgundy Basins, a sink manufacturer.

Equity shares outstanding $20$ million

Stock price per share $ $38$

Yield to maturity on debt $9\mathrm{.}5\%$

Book value of interest$-$bearing debt $ $345$ million

Coupon interest rate on debt $4\mathrm{.}3\%$

Market value of debt $ $240$ million

Book value of equity $ $400$ million

Cost of equity capital $11\mathrm{.}6\%$

Tax rate $35\%$

Burgundy is contemplating what for the company is an average$-$risk investment costing $$36$ million and promising an annual ATCF of $$4\mathrm{.}8$ million in perpetuity.

What is the internal rate of return on the investment?

Note: Round your answer to $2$ decimal places.