Q1. A project has cash flows of -$148,400, $42,500, $87,300, and $43,200 for Years 0 to 3, respectively. The required rate of return is 11 percent. a) What is the internal rate of return for this project? (Suppose the lower rate is 7.5% and the higher rate is 8.5%) [7 marks] b) What is the IRR rule and based on it, should we accept the project? c) What are the drawbacks of IRR approach. [3 marks] [5 marks] [Total 15 marks]