A firm is considering a project which has the following cash flows:

Year 0: -$350,000 Year 1: $120,000 Year 2: $80,000 Year 3: $45,000

Year 4: $45,000 Year 5: $200,000

All cash flows are positive except for the Year 0 cash flow which is negative. Assume all cash flows are received at the end of each year. What is the IRR for this project?

a. Less than 8%

b. Between 8% - 10%

c. Between 10% - 12%

d.Between 12% - 14%

e. Between 14% - 16%

f. Greater than 16%