Finch Manufacturing Company has an opportunity to purchase some technologically advanced equipment that will reduce the company's cash outflow for operating expenses by $$1,276,000$ per year. The cost of the equipment is $$7,222,532\mathrm{.}59.$ Finch expects it to have a $12-$year useful life and a zero salvage value. The company has established an investment opportunity hurdle rate of $15$ percent and uses the straight$-$line method for depreciation. $($PV of $$1$ and PVA of $$1)($Use appropriate factor$($s$)$ from the tables provided.$)$

Required

a$.$ Calculate the internal rate of return of the investment opportunity. $($Do not round intermediate calculations.$)$

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

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