Rooney Manufacturing Company has an opportunity to purchase some technologically advanced equipment that will reduce the company's cash outflow for operating expenses by $$1,285,000$ per year. The cost of the equipment is $$6,210,696\mathrm{.}70.$ Rooney expects it to have a $10-$year useful life and a zero salvage value. The company has established an investment opportunity hurdle rate of $15$ percent and uses the straight$-$line method for depreciation. $($PV of $$1$ and PVA of $$1)$

Note: Use appropriate factor$($s$)$ from the tables provided.

Required

a$.$ Calculate the internal rate of return of the investment opportunity.

Note: Do not round intermediate calculations.

b$.$ Indicate whether the investment opportunity should be accepted.

a$.$ Internal rate of return

$\%$

b$.$ Should the investment opportunity be accepted?