A new project requires an initial investment of $12,000 today and is expected to generate cash flows of $1,550 per year for the next 10 years. The firm has a cost of capital or required rate of return of 8 percent. Should this project be accepted, and why? Use the IRR criterion. Notice all CFs from t = 1 to t = 10 are equal. IRR = 4.95% 8.00% Accept