XYZ Capital is considering a leveraged buyout (LBO) of ABC Corp, a mature company in the consumer goods sector. The deal structure includes financing through 60% debt and 40% equity. The firm expects to realize an exit multiple of 8x EBITDA after a holding period of 5 years. ABC Corp currently has an EBITDA of $10 million, with projected annual growth of 5% over the next 5 years. XYZ Capital aims to understand the enterprise value (EV) at exit and the internal rate of return (IRR) for the equity investment.

What is the approximate IRR for the equity investors if the firm successfully exits the investment after 5 years at the projected multiple?