A project with a 3-year life has a payback period of 2.52 years and an NPV of -$190 using a discount rate of 12.50%. Assume that the initial cash flow is negative and all future cash flows are positive. Without any additional calculations, what is the UPPER bound on the project's IRR? That is, given this project's cash flow metrics, what can the IRR be at a maximum? Remember to choose the best answer without doing any calculations.

11.24% 11.55% 11.87% 12.18% 12.49%