MSI company is considering the purchase of a new piece of equipment that has the following cashflows:

Year $1$ $$150,000,$ Year $2$ $$220,000,$ Year $3$ $$400,000,$ Year $4$ $$600,000$

Year $5$ $$250,000,$ Year $6$ $$400,000$

The project would cost $$1\mathrm{.}6$ million dollars. The company has asked you to analyze the project using IRR. What is the internal rate of return for this proposed project? If the cost of capital for the firm is $11\%,$ should you recommend accepting or rejecting the project?