Campbell Manufacturing Company has an opportunity to purchase some technologically advanced equipment that will reduce the company's cash outflow for operating expenses by $$1,275,000$ per year. The cost of the equipment is $$9,608,499\mathrm{.}45.$ Campbell expects it to have a $12-$year useful life and a zero salvage value. The company has established an investment opportunity hurdle rate of $7$ percent and uses the straight$-$line method for depreciation. $(PV$ of $$1$ and PVA of $$1)$

Note: Use appropriate factor$($s$)$ from the tables provided.

Required

a$.$ Calculate the internal rate of return of the investment opportunity.

Note: Do not round intermediate calculations.

b$.$ Indicate whether the investment opportunity should be accepted.

a$.$ Internal rate of return

b$.$ Should the investment opportunity be accepted?