Merton Manufacturing Company has an opportunity to purchase some technologically advanced equipment that will reduce the company's cash outflow for operating expenses by $1, 283, 000 per year. The cost of the equipment is $7, 691, 901.90. Merton expects it to have a 9-year useful life and a zero salvage value. The company has established an investment opportunity hurdle rate of 15 percent and uses the straight-line method for depreciation. (PV of $1 and PVA of $1) (Use appropriate factor(s) from the tables provided.) Required Calculate the internal rate of return of the investment opportunity. Internal rate of return _______ % Indicate whether the investment opportunity should be accepted. Rejected Accepted