LO 3 5. Calculating IRR A firm evaluates all of its projects by applying the IRR rule If the required return is 11 percent, should the firm accept the following project! Year Cash Flow 0 -$157,300 74,000 1 2 87,000 3 46,000 LO 4 6. Calculating NPV For the cash flows in the previous problem, suppose the firm uses the NPV decision rule . At a required return of 9 percent, should the firm accept this project? What if the required return was 21 percent