Suppose your firm is considering investing in a project with the cash flows shown below, that the required rate of return on projects of this risk class is 9 percent, and that the maximum allowable payback and discounted payback statistics for the project are 2.0 and 3.0 years, respectively.

Time: 0 1 2 3 4 5 6

Cash flow: -9200 1060 2260 1460 1460 1260 1060

Use the IRR decision rule to evaluate this project

IRR ____ %

Should it be accepted or rejected?