A project requires an initial capital expenditure at time t=0 of $1,766. It then generates constant annual cash flows for the next 20 years of $450 with the first payment due at t=1. After this period, payments grow at a rate of 2% annually and are paid in perpetuity. The net present value of this project is $1,493 at an annual discount rate of 14.0%. Given this, the IRR of the project is O a. there are multiple IRRs O b. less than 14.0% O c. not enough information O d. greater than 14.0% e. equal to 14.0%