A proposed project has an initial cost of $38,000 and cash inflows of $12,300, $24,200, and $16,100 for Years 1 through 3, respectively. The required rate of return is 18 percent. Based on IRR, should this project be accepted? Why or why not?

Group of answer choices

No; The IRR is less than the required return

Yes; The IRR is equal to the required return

No; The IRR exceeds the required rate of return

Yes; The IRR exceeds the required return