Capital Budgeting: Internal Rate of Return (IRR) Analysis with Uneven Cash Flows: A company is evaluating a project that requires an initial investment of $200,000 and is expected to generate the following cash flows:

Year 1: $50,000

Year 2: $70,000

Year 3: $90,000

Year 4: $120,000

Year 5: $80,000 Calculate the internal rate of return (IRR) of the project and determine whether the project should be undertaken, considering the company's required rate of return of 12%.