Suppose your firm is considering investing in a project with the cash flows shown as follows, that the required rate of return on projects of this risk class is $10$ percent, and that the maximum allowable payback and discounted payback statistics for the project are three and a half and four and a half years, respectively. Use the IRR decision to evaluate this project; should it be accepted or rejected?

Time $0123456$

Cash flow$($$s$)-85000120001100013000210003100032000$

Group of answer choices

IRR $=16\mathrm{.}92$ percent; accept the project

IRR $=7\mathrm{.}123$ percent; reject the project

IRR $=8\mathrm{.}81$ percent; reject the project

IRR $=10\mathrm{.}59$ percent; accept the project