Purple Rain Company is developing a new technology that has the potential of forever changing the way that vegetables are grown. The initial costs associated with its manufacturing facility plant and other associated costs will be $3.2 million (at the present time). The project is expected to generate only one cash flow of $8.3 million. Given the complexity of the project, the cash inflow will not be received until 10 years from now. Calculate the internal rate of return on the investment.