An investor has an opportunity to purchase an investment property for $500,000. The property will return $50,000 at the end of each of three years, and will then be sold at the end of the third year for $600,000. What is the IRR on the investment of $500,000?

Select one:

a. 10.2%

b. 11.5%

c. 15.7%

d. 18.1%