It is now 1 January 20X0. Company V, a private equity company, is considering the acquisition of 40% of the equity of Company A for a total amount of $15 million. Company A has been established to develop a new type of engine which will be launched at the end of 20X1. Company A is forecasting that the new engine will result in free cash flows to equity of $2m in its first year of operation and that this will rise by 8% per year for the foreseeable future. The new engine is the only commercial activity that Company A is involved in. Company V intends to sell its stake in Company A when the new engine is launched. Company A has a cost of equity of 12%. Assuming that Company V receives an amount that reflects the present value of their shares in company A. what is the estimated annual rate of return to Company V from this investment? (To the nearest %)