A project has an initial cost of $45,000. The incremental inflows associated with the project are $20,000 in year 1, $15,000 in year 2, $10,000 in year 3 and $8,000 in year 4. All cash inflows are at the end of the year. The appropriate discount rate for this project is 8.0%. (HINT: Possibly use Excel Worksheet) 4. What is the projects internal rate of return? Calculate to two decimal places. a. 3.52% b. 8.23% c. 5.35% d. 2.75%