A project is being assessed using the company's discount rate of 15%. A software development project has initial cash outflows of 95,000 for year 1 as the software is developed, then collects 40,000 per annum in annual licence fees paid up front for each of the next 3 years. Discount factors are Y1 0.87; Y2 0.76; Y3 0.66; 74 0.57 Assuming development costs are paid entirely in arrears at the end of year 1, and up front licence fees are received on the last day of the year prior to the licence term. Which of the below is the closest estimate of the IRR for the project? 05% O 12.5% O 15.5% O 30%