Your company is considering introducing a new product which net returns are expected to be:

$22,000 at the end of years 1,2,3 and 4

$32,000 at the end of years 5,6,7 and 8

$38,000 at the end of years 9 and 10

The new product will require an immediate cash outlay of $100,000 for machinery and an additional outlay of $50,000 at the end of year 3. Find the rate of return (IRR), compounded annually, on the project.