Your firm is contemplating the purchase of a new $420,000 computer-based order entry system. The system will be deprecia

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Your firm is contemplating the purchase of a new $420,000
computer-based order entry system. The system will be depreciated
straight-line to zero over its 5-year life. It will be worth
$45,000 at the end of that time. You will save $145,000 before
taxes per year in order processing costs, and you will be able to
reduce working capital by $40,000 at the beginning of the project.
Working capital will revert back to normal at the end of the
project. If the tax rate is 25 percent, what is the IRR for
this project? (Do not round intermediate calculations
and enter your answer as a percent rounded to 2 decimal places,
e.g., 32.16.)
IRR = __________