AAA Company is considering a new project. The project requires an initial investment of $2,400,000 and will generate $1,200,000 (after-tax) cash flows for 6 years, with the first cash flow occurring one year after the initial investment. Calculate the IRR for the project (using trial-and-error, Excel or a financial calculator!), with three digits after the comma. Note the solution is between 0.000001 and 1.000000.

A) 49.01

B) 48.21

C) 40.42

D) 44.51

E) 40.00