The following cash flows result from a potential construction contract for Enigma Engineering:

$(1)$ Receipts of $$500,000$ at the start of the contract and $$1,200,000$ at the end of the third year.

$($ii$)$ Expenditures of $$400,000$ at the end of the first year and $$600,000$ at the end of the second year.

Calculate the approximate ERR of the project. Should Enigma Engineering pursue this project if its MARR is $12\%(6$ marks$)$