Bonita Corporation is considering investing in a new facility. The estimated cost of the facility is $2,356,000. It will be used for 12 years, then sold for $635,000. The facility will generate annual cash inflows of $557,000 and will need new annual cash outflows of $222,000. The company has a required rate of return of 7%. Calculate the internal rate of return on this project, and discuss whether the project should be accepted. (Round answer to 0 decimal places, eg. 13\%.)