A project has the following cash inflows $40,000; $60,500; $70,000; and $48,800 for years 1 through 4, respectively. The initial cash outflow is $184,000. Which of the following four statements is correct concerning the project internal rate of return (IRR)?

Select one:

a. The IRR is less than 10%

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

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

d. The IRR is greater than 18%.