GTO Incorporated is considering an investment costing $$214,720$ that results in net cash flows of $$32,000$ annually for $10$ years. $($PV of

$$1,FV$ of $$1,$ PVA of $$1,$ and FVA of $$1)($Use appropriate factor$($s$)$ from the tables provided.$)$

$($a$)$ What is the internal rate of return of this investment?

$($b$)$ The hurdle rate is $8\mathrm{.}5\%.$ Should the company invest in this project on the basis of internal rate of return?