Problem $9\mathrm{.}7$ Calculating IRR $[$LO$5]$

A firm evaluates all of its projects by applying the IRR rule. A project under consideration

has the following cash flows:

If the required retum is $16$ percent, what is the IRR for this project? $($Do not round

intermediate calculations and enter your answer as a percent rounded to $2$ decimal

places, e$.$g$.,3216.)$

IRR

Should the firm accept the project?

Yes

No