A firm is considering purchasing a new piece of equipment for $200,000 that will be depreciated using straight line depreciation to a salvage value of zero over its four-year projected life. It is projected that the equipment would lead to an increase in EBIT of $70,000 each year (years 1- 4). Calculate the project's IRR and NPV assuming an 11% required rate of return and a tax rate of 30%, and indicate whether the project should be accepted.