1. Scot can expand a successful manufacturing line for an immediate investment of $64 million. The company anticipates that the project will generate a cash flow of $152 million in 9 years (and only in that one year). The company considers the required rate of return of the project to be 11.59%

Calculate the project's internal rate of return:

2. Given your estimate of the IRR, should Scot accept or reject the project?