An agricultural real estate investor wants to purchase a failing farm and flip it into a profitable cattle operation. It will cost her $350,000 to take over the operation and make any necessary updates to the operation. Under her management, she estimates the cash flow from this operation will be $16,000 for 3 years. After those 3 years, she plans to sell the operation for $450,000. What is the internal rate of return on her investment?

13.4%

14.9%

12.9%

11.2%