A firm evaluates all of its projects by applying the IRR rule.

Year Cash Flow

0 -$ 147,000

1 69,000

2 70,000

3 54,000

What is the project's IRR?(Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Interanal Rate of Return _______%

If the required return is 16 percent, should the firm accept the project? ________