A project costs $13,000 to initiate. Cash flows are estimated as $2,750 a year for the first two years and $3,500 a year for the next three years. The discount rate is 11%. The net present value for this project is _____ and the internal rate of return is _________ the discount rate.

A) -$2,138.52; more than

B) -$2,138.52; less than

C) -$1,348.75; more than

D) -$1,348.75; less than

E) None of the above