Assuming an initial purchase price of $500 million, a 30.0% initial equity contribution by the financial sponsor, Year 5 EBITDA of $95 million, an exit multiple of 7.1x, and Year 5 net debt of $250 million, please calculate the IRR to the financial sponsor.

a.43.9%

b.29.7%

c.35.1%

d.23.1%