A company is considering a new 3 year expansion project that requires an initial fixed asset investment of $900,000. The fixed asset will be fully depreciated straight line over 3 years. The new project will generate $1,000,000 in new incremental annual sales with corresponding new incremental variable costs of $500,000 annually. The company requires an initial investment on net working capital of $100,000. A marketing study that cost the company $60,000 was completed 3 years ago and determined that the company should purchase the asset. The company's tax rate is 35% and the required return for this project is 16%. The company should proceed with purchasing the fixed asset because the project's IRR is:

Less than 16%

Between 16% - 17%

Between 17% - 18%

Between 18% - 19%

Between 19% -20%

Greater than 20%