Based on the following cash flows from a project, what is the IRR and what action should the firm take about the project?

The required rate of return for the project is 20%.

Year 0 : -$28,643

Year 1 : $17,000

Year 2 : $15,400

Year 3 : $4,000

Group of answer choices

26.30 percent; reject

26.30 percent; accept

16.05 percent; accept

16.05 percent; reject