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A firm evaluates all of its projects by applying the IRR rule. A project under consideration has the following cash flows:
YearCash Flow0-$28,800 1 12,800 2 15,800 3 11,800
If the required return is 13 percent, what is the IRR for this project? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Should the firm accept the project?