X Company is considering launching a new product. After conducting a market research study that cost $5,000, the company estimates sales of 8,400 units in each of the next 4 years, with a contribution margin of $6.20 per unit. Additional fixed costs will be $15,848. Equipment costing $120,000 will have to be purchased; the equipment will have no salvage value at the end of 4 years.

What is the internal rate of return of launching the new product? [Submit your rate as a decimal: .XX]