Part III: a) What is the net present value of a project that has an initial cash outflow of $21,000 and the following cash inflows if the required return is 12 %? should we accept the project? Years 1 2 3 4 Cash Inflows $8,500 $7,120 $6,450 $4,900 b) Calculate the IRR of an investment that costs $77,500 and generates cash flow of $27,500 a year for four years? When should we accept the project