Answer:
No; The IRR is less than the required return.
Explanation:
Calculation  of IRR is given by the formula: Lr x NPVL / NPVL - NPVH x (Hr - Lr)
where 
Lr  = Lower rate of discount
Hr = Higher rate of discount
NPVH = NPV at Higher discount rate
NPVL = NPV at Lower discount rate
Assume a low discount rate of 1% and a high rate of 20%
<u>NPV at 1%</u>
<u>Particulars        Year 0  Year 1    Year 2   Year 3</u>
Cash flows       152,000  71,800  86,900  (11,200)
DCF 1%                 1           0.99    0.98       0.97
Present values (152,000) 71,082 85,162   (10,864)
NPV = $6,620
<u />
<u>NPV at 20%</u>
<u>Particulars        Year 0  Year 1    Year 2   Year 3</u>
Cash flows       152,000  71,800  86,900  (11,200)
DCF 20%                 1           0.83    0.69       0.58
Present values (152,000) 59,594 59,961   (6,496)
NPV = ($38,941)
Substituting values in the IRR formula we have:
1% x [($6,620 / ($6620 - (38,941))] x (20% - 1%) = 2.06%
Therefore we reject the project because it gives an IRR lower than the required rate of return of 15.5%