T firm has a 3 years project and the expected cash flows for this projects are as follows:

Years Cost of Investment (million $) Cash Inflows (million $)

0 - 300

1 81

2 126

3 155

T firm Strategic target return from similar investment projects is 12 %.

Required:

1. Find the approximate IRR of this project (by trial and error method)
2. According to T firms targets do you think this project is acceptable?