A project that will cost $120,000 is estimated to generate cash flows of $50,000 per year (at the end of each year) for three years. The internal rate of return for this project is _____.

A. less than 11%

B. more than 11% but less than 12%

C. more than 12% but less than 13%

D. more than 13%

E. none of the above