Arc Real Estate Company is planning to invest in a new development. The cost of the project will be $23 million and is expected to generate cash flows of $14,000,000, $11,750,000, and $6,350,000 over the next three years. The company's cost of capital is 20 percent. What is the internal rate of return on this project? (Round to the nearest percent.) HINT: Use a financial calculator or the Excel function: EIRR(values, (guess]) Select one: O A. 22% OB. 20% O C. 24% O D. 28%