Candey and Tandey Transportation Equipment, Inc. is considering a modification to its facilities. The project is expected to have the following cash flows. The firm's discount rate (WACC) is 12%.

year: 0 , 1, 2, 3, 4

cash flow: -16,000, 4,500, 4,900, 5700, 6725

What is the IRR of the project? Select one: a. 10.69% b. 12.50% c. 20.01% d. 23.93% e. 17.92% f. None of the above