Cullumber, Inc., a resort management company, is refurbishing one of its hotels at a cost of $6,207,639. Management expects that this will lead to additional cash flows of $1,390,000 for the next six years. What is the IRR of this project? If the appropriate cost of capital is 12 percent, should Cullumber go ahead with this project? (Round answer to 2 decimal places, e.g. 5.25%.)

The IRR of this project is _______ %

The firm should (REJECT or ACCEPT) the project