You are evaluating a capital budgeting project that will cost $56,800

• Year 1 ==> $17,000
• Year 2 ==> $10,000
• Year 3 ==> $10,000
• Year 4 ==> $17,000
• Year 5 ==> $40,000

The required return is 12% and the critical acceptance level is 3.5 years. Calculate the Internal Rate of Return and determine whether or not the project should be accepted based solely on the Internal Rate of Return.