Problem 5-5 Calculating IRR

Teddy Bear Planet, Inc., has a project with the following cash flows:

Year	Cash Flows ($)
0	-$	8,253
1		6,100
2		3,300
3		1,600

Requirement 1: Calculate the IRR. (Do not include the percent sign (%). Round your answer to 2 decimal places. (e.g., 32.16)) IRR %

Requirement 2: If the appropriate interest rate is 6.66 percent, should the company accept the project?