1) Assume that the required return is 15%. a) Based on the internal rate of return, would you accept or reject a project with the cash flows shown below? Solve and explain. b) Solve this question using Excel or another spreadsheet software and verify your answer in part a.

Year Cash Flow 0 -$82,300 1 21,400 2 24,800 3 31,600 4 25,900 5 19,600