Your firm is contemplating the purchase of a new $425,000 computer-based order entry system. The PVCCATS is $91,209, and the machine will be worth $30,000 at the end of the five-year life of the system. You will save $130,000 before taxes per year in order-processing costs and you will be able to reduce working capital by $60,000 (this is a one-time reduction). If the tax rate is 35%, what is the IRR for this project? (Round the final answer to 2 decimal places.)

IRR %