Problem $10-16$ Project Evaluation $[$LO$1]$

Your firm is contemplating the purchase of a new $$525,000$ computer$-$based order entry system. The system will be depreciated straight$-$line to zero over its five$-$year life. It will be worth $$59,000$ at the end of that time. You will save $$157,000$ before taxes per year in order processing costs, and you will be able to reduce working capital by $$84,000($this is a one$-$time reduction$).$ If the tax rate is $23$ percent, what is the IRR for this project? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$