Your firm is contemplating the purchase of a new £925,000 computerbased order entry system. The system will be depreciated using reducing balance at 20 per cent per annum over its 5-year life. It will be worth £90,000 at the end of that time. You will save £360,000 before taxes per year in order processing costs, and you will be able to reduce working capital by £125,000 (this is a one-time reduction). If the tax rate is 28 per cent, what is the IRR for this project?