Cirice Corp. is considering opening a branch in another state. The operating cash flow will be $164,500 a year. The project will require new equipment costing $607,000 that would be depreciated on a straight-line basis to zero over the 5-year life of the project. The equipment will have a market value of $187,000 at the end of the project. The project requires an initial investment of $43,500 in net working capital, which will be recovered at the end of the project. The tax rate is 35 percent. What is the project's IRR?

A) 14.00%

B) 15.25%

C) 15.31%

D) 10.01%

E) 12.65%