A project with the following costs are under consideration to determine its profitability. Using the IRR comparison, and an annual MARR of 10% compounded semiannually, determine if the project should be executed. First cost: $45,000 Semiannual operating cost: $10,000 Semiannual income: $20,000 Salvage value: $9,000 Life in years: 4 years a. IRR = 6% b. IRR = 3% C. IRR = 1.69% d. IRR = 3.4%