Cirice Corporation is considering opening a branch in another state. The operating cash flow will be $187,600 a year. The project will require new equipment costing $613,000 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 $191,000 at the end of the project. The project requires an initial investment of $44,500 in net working capital, which will be recovered at the end of the project. The tax rate is 25 percent. What is the project's IRR?

a. 14.59%

b. 17.49%

c. 18.68%

d. 19.80%

e. 20.38%