Given the following data:

Data: Market value of Stock = $750 Million

Market value of Debt = $600 Million

Corporate Tax rate = 36%

Currently, Bonds are selling at par value and the Bonds are paying a 6% coupon

The beta of the firms equity is 2.25. The market return is 15% the risk-free rate is 3%

1) What is the weighted average cost of capital?

2) If a project has a standard set of cash flows and the IRR is 22% should this firm accept or reject that project?