You wish to purchase an office building that has an asking price of $8,000,000. The projected NOI in year 1 is $700,000 and the NOI growth rate will be 2%. The going in cap rate and the terminal cap rate are both 8%. Your required rate of return is 10%. You plan to finance this acquisition with a 80% LTV interest only loan with a 6% interest rate. If you have a 5 year holding period, what is your projected project IRR? (State your answer as a percentage, rounded to 2 decimal places. For example, if your answer is twelve and three quarters, enter 12.75.)