You are considering a new product launch. The equipment for the project will cost $1,500,000, have a three year life and a $300,000 salvage value. Depreciation is straight line to zero. Sales are projected at 500 units per year with a per unit price of $15,000 and variable cost per unit of $13,000. Fixed costs are estimated to be $400,000 per year. The project will require an initial investment of $50,000 in net working capital, which is recovered at the end of the project. The required return is 10% and the relevant tax rate is 25%. Compute the IRR of the project.