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

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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 -$29,000 1 13,000 216,000 3 12,000 If the required return is 15 percent, what is the IRR for this project? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) IRR % Should the firm accept the project? O No O Yes

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