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 -$ 27,800 1 11,800 2 14,800 3 10,800

If the required return is 18 percent, what is the IRR for this project? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

IRR %

Should the firm accept the project?

No

Yes