A company is considering a project that will have an up-front cost of $125,000. The free cash flow from the project is projected to be $25,000 the first year, $60,000 the second year, $50,000 the third year, and $8,000 the fourth year with a salvage value of $3,000 realized at the end of that year (do not include tax consequences in your calculation). 

Rounded to the nearest dollar, using a discount rate of 6.80%, the internal rate of return of this project is %.