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A project has an initial Outlay of $4,000. The Cash Flows for years 1 to 4 are: Year1 $1,546.17; Year 2 $1,546.17; Year3 $1,546.17; and

A project has an initial Outlay of $4,000. The Cash Flows for years 1 to 4 are: Year1 $1,546.17; Year 2 $1,546.17; Year3 $1,546.17; and Year4 $1,546.17. The IRR (to the nearest whole percent) is Select one: a. 18%. b. 10% c. 20%. d. 16%

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