Should proposed project be accepted based on irr

Question

Problem:

You’re analyzing a project and have completed this info:

Year……………Cash Flow
0………………..$-158,000
1………………..   $34,500
2………………..    78,500
3………………..    92,000

Required payback period        2.5 years
Required return                     12%

Should the proposed project be accepted based on its internal rate of return?

a.   Yes;  IRR = 12.28 %    b. Yes; IRR=11.79%   c.  No; IRR=12.28%    d. no; IRR=11.79%