You have the following information about Burgundy Basins, a sink manufacturer. Equity shares outstanding 20 million Stock price per share $ 49 Yield to maturity on debt 6.5 % Book value of interest-bearing debt $ 400 million Coupon interest rate on debt 5.4 % Market value of debt $ 295 million Book value of equity $ 510 million Cost of equity capital 13.8 % Tax rate 35 % Burgundy is contemplating what for the company is an average-risk investment costing $58 million and promising an annual ATCF of $5.9 million in perpetuity. a. What is the internal rate of return on the investment? (Round your answer to 2 decimal places.)