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A project has the following cash flows: The initial outlay is $2 million. The cash flows for the first 3 years are $750,000 per year.

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A project has the following cash flows: The initial outlay is $2 million. The cash flows for the first 3 years are $750,000 per year. In year 4, the project must shut down for routine maintenance which costs $275,000. The cash flows in year 5, 6, and 7 are $1.2 million per year. In year 8 the project must be dismantled at a cost of $800,000. In year 9, the remaining equipment is sold for $200,000. How many IRRs are there for this analysis? Select one: O a. 4 b. 3 O c. 2 O d. 1 O e. 5

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