A project requires an initial investment of $200,000 and expects to produce a cash flow before taxes of $120,000 per year for two years (i.e. cash flows will occur at t=1 and t=2 ) The corporate tax rate is 21 percent The assets will depreciate using the MACRS year 3 schedule: (t= 1. 33\%): (t=2.45%),(t=3:15%);(t=4:7%). The compary's tax situation is such that it can use al applicable tax shields. The opportunity cost of capital is 11 percent. Assume that the asset can sell for book value at the end of the project. Calculate the approximate IRR for the project Multiple Choice 1200 percent 1100 percent 2002 percens Multiple Choice 1200 percent 1100 percent 20,02 percent 1406 percent