A firm evaluates all of its projects by applying the IRR rule. Year Cash Flow 0 $157,300 1 74,000 2 87,000 3 46,000 a. 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.) b. If the required return is 11 percent, should the firm accept the project?