Refer to the data given in the preceding exercise.

Required: 

Calculate the landfill project's internal rate of return. Should the board approve the project?

Data From Preceding Exercise:-

Jefferson County's Board of Representatives is considering the purchase of a site for a new sanitary landfill.

The purchase price for the site is \($234,000\) and preparatory work will cost \($88,080.\) The landfill would be usable for 10 years. The board hired a consultant, who estimated that the new landfill would cost the county \($48,000\) per year less to operate than the county's current landfill. The current landfill also will last 10 more years. For a landfill project, Jefferson County can borrow money from the federal government at a subsidized rate. The county's hurdle rate is only 6 percent for this project.