1. A project costs $70,000. It is expected to generate cash flows of $20,000 in Year 1, $25,000 in Year 2, $30,000 in Year 3, $35,000 in Year 4, and $40,000 in Year 5. What is the internal rate of return for this project?(Solve using Excel.)

a. 227.78%

b. 27.92%

c. 12.92%

d. Some other answer