Your firm is contemplating the purchase of a new $$675,000$ computer$-$based order entry system. The system will be depreciated straight$-$line to zero over its six$-$year life. It will be worth $$56,000$ at the end of that time. You will save $$176,000$ before taxes per year in order processing costs, and you will be able to reduce working capital by $$51,000$ at the beginning of the project. Working capital will revert back to normal at the end of the project.

Required:

If the tax rate is $30$ percent, what is the IRR for this project? $($Do not round intermediate calculations. Enter your answer as a percentage rounded to $2$ decimal places $($e$.$g$.,32\mathrm{.}16).)$

IRR