A proposed project has an initial cost of $38,000 and cash inflows of $12,300, $24,200,

and $16,100 for years 1 through 3, respectively. The required rate of return is 16.8 percent.

Based on IRR, should this project be accepted? Why or why not?

A.

No; The IRR exceeds the required return by .58 percent.

B.

No; The IRR is less than the required return by 1.03 percent.

C.

Yes; The IRR exceeds the required return by .58 percent.

D.

Yes; The IRR exceeds the required return by about 1.03 percent.

E.

Yes; The IRR is less than the required return by .58 percent.

Please explain how to figure this out on a TI84 calculator