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A firm evaluates all of its projects by applying the IRR rule.

Year	Cash Flow
0		$157,300
1		74,000
2		87,000
3		46,000

a.	What is the project's IRR? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
b.	If the required return is 11 percent, should the firm accept the project?