ing return (AAR)? 7. Calculating IRR [L05] A firm evaluates all of its projects by applying the IRR rule. If the required return is 14 percent, should the firm accept the following project? Cash Flow Year 0 -$34,000 15,000 17,000 1 2 13.000 3 8. Calculating NPV [L01) For the cash flows in the previous problem, suppose the firm uses the NPV decision rule. At a required return of 11 percent, should the firs accept this project? What if the required return is 24 percent? 51 A project that provides annual cash flow T