(b) Company ABC Pty Ltd considers a potential project with the following estimated net cash flows ($000s):

Year	0	1	2
Project C	-10,000	-3,000	14,500

The project would be funded entirely by debt (borrowing) rather than by equity capital. The average borrowing cost for the company for a 2 year project with these risk characteristics is 8% p.a. Calculate the Internal Rate of Return (IRR) for Project C (2 d.p.) and use it to determine whether ABC should proceed with the project. (NOT IN EXCEL WANT CALCULATIONS)