ABC Company is considering a project that will initially cost $10 million and will have annual benefits of $3 million per year in years 1 to 5; $2 million per year in years 6 to 10; and $1 million per year in years 11 to 15.
Given that the project utilizes special equipment, there is a requirement that they be maintained at a cost of $500,000 in years 3, 6, 9, and 12.
If the company's rate of require is 5%, what is the Internal Rate of Return for this project?
Round the percentage to two decimal places. For example, 12.345% is written as 12.35%.