A firm evaluates all of its projects by applying the IRR rule. Year 0 1 Cash Flow -$157,300 47,000 78,000 64,000 2. 3 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? % a. Internal rate of return b. Project acceptance