A project has the following cash inflows $34,444; $39,877; $25,000; and $52,800 for years 1 through 4, respectively. The initial cash outflow is $104,000. Which of the following four statements is correct concerning the project internal rate of return (IRR)?

The IRR is greater than or equal to 10%, but less than 14%.

The IRR is greater than or equal to 14%, but less than 18%.

The IRR is greater than or equal to 18%

The IRR is less than 10%.