Problem 9-7 Calculating IRR [LO5] A firm evaluates all of its projects by applying the IRR rule. A project under consideration has the following cash flows:

Problem 9-7 Calculating IRR (LO5] A firm evaluates all of its projects by applying the IRR rule. A project under consideration has the following cash flows: Year Cash Flow 0 28,500 1 12,500 2 15,500 3 11,500 If the required return is 13 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., 32.16.) IRR % Should the firm accept the project? Yes No