An art foundation is considering the following proposal that has been submitted by its members: Purchase a library of animated film classics for $13.224 million today. The collection has to be restored, at no additional cost to the foundation, but will take 3 years to complete before the films are ready to be sold. Beginning at the end of year 4, it is expected that the film's cash flows will be $6 million a year and that this annuity will run for five consecutive years (at the end of year 4 through to the end of year 8). Which of the following comes closest to the project's IRR?

15%

14%

11%

12%

13%