Use the IRR decision rule to evaluate this project if the required rate of return 7%, and that the maximum allowable payback and discounted payback statistics for the project are 3.5 and 4.5 years, respectively.

Time: 0 1 2 3 4 5 6 Cash flow -$8,000 $1,100 $2,300 $1,500 $1,500 $1,300 $1,100

Use the IRR decision rule to evaluate this project. answer to 2 decimal places