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Your firm is considering introducing a new product for which returns are expected to be as follows:

Year 1 to Year 3 (Inclusive of Year 3): $2,000 per year

Year 4 to Year 8 (Inclusive of Year 8): $5,000 per year

Year 9 to Year12 (Inclusive of Year 12): $3,000 per year

The introduction of the product requires an immediate outlay (expenditure) of $15,000 for equipment estimated to have a salvage value of $2,000 after 12 years. Compute the Internal Rate of Return (IRR) for the launch of this product. Write your answer to two decimal places.

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