Consider a project with the cash flows shown below. Assume that the required return is 11%.

a) Based on the internal rate of return, would you accept or reject this project? Solve and explain.

b) Based on the net present value, would you accept or reject this project? Solve and explain.

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Year	Cash Flow
0	-$82,300
1	22,400
2	24,800
3	35,600
4	25,900
5	-1,900