A firm evaluates all of its projects by applying the IRR rule. A project under consideration has the following cash flows:

Year	Cash Flow
0	$	28,000
1		12,000
2		15,000
3		11,000

If the required return is 16% what is the IRR for this project? (Round the final answer to 2 decimal places.)

IRR ______ %

Should the firm accept the following project?

• Accept

• Reject