Cirice Corp. is considering opening a branch in another state. The operating cash flow will be $164,600 a year. The project will require new equipment costing $610,000 that would be depreciated on a straight-line basis to zero over the 6-year life of the project. The equipment will have a market value of $189,000 at the end of the project. The project requires an initial investment of $44,000 in net working capital and $65,000 in market investigation. The branch will be built on a piece of land that the company owns, at a market price of $50,000. The tax rate is 40 percent. What is the project's IRR?