(CH9 Problem 20) Adam, Inc. has come up with a new product. Adam paid $88,500 for a marketing survey to determine the viability of the product. It is felt that the product will generate sales of $4,830,000 per year. The fixed costs associated with this will be $1,706,000 per year, and variable costs will amount to 23 percent of sales. The equipment necessary for the production of the product will cost $5,047,000 and will be depreciated in a straight-line manner for the 7 years of the product life. This is the only initial cost for the production. Adam has a tax rate of 20 percent and a required return of 7.1 percent. Calculate the IRR. Do not round intermediate computations. Round your final answer to the nearest basis point (i.e. xx.xx%)