Kingbird Corporation is considering investing in a new facility. The estimated cost of the facility is $$1,714,000.$ It will be used for $12$ years, then sold for $$622,000.$ The facility will generate annual cash inflows of $$400,000$ and will need new annual cash outflows of $$149,000.$ The company has a required rate of return of $8\%.$

Calculate the internal rate of return on this project, and discuss whether the project should be accepted. $($Round answer to $0$ decimal places, e$..13\%.)$

Internal rate of return $\%$

The project should be