_{Please make sure you can do this question correctly before you do it, this is the third time I have posted this question, the first two answers asked out are wrong, thanks.}

Caspian Sea Drinks is considering the production of a diet drink. The expansion of the plant and the purchase of the equipment necessary to produce the diet drink will cost $24.00 million. The plant and equipment will be depreciated over 10 years to a book value of $1.00 million, and sold for that amount in year 10 . Net working capital will increase by $1.00 million at the beginning of the project and will be recovered at the end. The new diet drink will produce revenues of $9.42 million per year and cost $2.27 million per year over the 10 -year life of the project. Marketing estimates 12.00% of the buyers of the diet drink will be people who will switch from the regular drink. The marginal tax rate is 31.00%. The WACC is 11.00%. Find the IRR (internal rate of return). Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, \% sign required. Will accept decimal format rounded to 6 decimal places (ex: 0.092434))