A company has four options for a project all with initial cost of $250,000. The capital budget for the year will only allow the company to accept one of the four projects. Given the discount rates and the future cash flows of each project, which project should they accept? What is the IRR? Suggested time: 35 minutes Cash Flows Project A Project B Project C Project D Year one $500,000 $600,000 $1,000,000 $300,000 Year two $500,000 $650,000 $800,000 $500,000 Year three $500,000 $600,000 $600,000 $700,000 Year four $500,000 $600,000 $400,000 $900,000 Year five $700,000 $600,000 $200,000 $1,100,000 Discount Rate 6% 9% 15% 22%