Tennessee corporation is analyzing a capital expenditure that will involve a cash outlay of 109332. Estimated cash flows are expected to be 36000 annually for 4 years. The present value factors for an annuity of $1 for 4 years at interest of 10%, 12%, 14%, and 15% are 3.170, 3.037, 2.914 and 2.855, respectively. The internal rate of return for this invesment is