A project requires an initial investment of $250,000 and provides annual cash inflows of $60,000 for 6 years. Calculate the IRR and compare it to the company's required rate of return of 8%.

Requirements:

1. Use the given cash inflows to set up the IRR equation.
2. Solve for IRR using financial calculator or iterative methods.
3. Determine if the project meets the required rate of return.