Joe Flicek of SIP Commendations is considering investing $79,137 in a computer storage room. He will rent space to customers and expects to generate $22,500 annually net after miscellaneous expenses other than depreciation. (a) Assuming Joe wishes to evaluate the project with a five-year time horizon, what is the internal rate of return on the investment, ignoring any taxes to be paid? (b) Should Joe make the investment if his required rate of return is 12 percent?

Please show all of the steps!