( 5 points) An engineering firm is conducting a feasibility analysis for a client to determine whether to move forward with a project. The project has a 10 -year lifespan and requires an initial investment of $750,000 at time 0 . The project is expected to generate $120,000 per year in revenue starting at the end of year 3 and continuing through the 10-year lifespan. Annual expenses to operate the project will be $8,500 per year starting at the end of year 1 and continuing through the 10 -year lifespan. The project will require a single payment of $18,000 at the end of year 6 to cover maintenance expenses. The salvage value at the end of 10 years is estimated to be $31,000. The client is willing to accept any project that will earn a MARR of at least 12% per year. Determine whether the project is acceptable using the internal rate of return (IRR) method. Use present worth (PW) to calculate IRR. ( 5 points) An engineering firm is conducting a feasibility analysis for a client to determine whether to move forward with a project. The project has a 10 -year lifespan and requires an initial investment of $750,000 at time 0 . The project is expected to generate $120,000 per year in revenue starting at the end of year 3 and continuing through the 10-year lifespan. Annual expenses to operate the project will be $8,500 per year starting at the end of year 1 and continuing through the 10 -year lifespan. The project will require a single payment of $18,000 at the end of year 6 to cover maintenance expenses. The salvage value at the end of 10 years is estimated to be $31,000. The client is willing to accept any project that will earn a MARR of at least 12% per year. Determine whether the project is acceptable using the internal rate of return (IRR) method. Use present worth (PW) to calculate IRR