A project is projected to cost $2,000,000 to undertake. It will generate positive cash inflows as follows: Year 1 - $400,000; Year 2 500,000; Year 3 - $650,000; Year 4 750,000; Year 5 800,000. What is the projects IRR?

Select one:

a. 114%

b. 12.9%

c. 13.5%

d. 14.0%

e. 14.6%