Consider a five-year project that requires an initial investment of $22,000 and generates the following cashflows in the next five years:

Year 1: $15,000

Year 2: $15,000

Year 3: $15,000

Year 4: $15,000

Year 5: -$41,000

Which statement is TRUE?

Group of answer choices

a, This project has no IRR

b. This project has two IRRs: 24.88% and 9.34%

c. It is not possible to answer this question

d. This project only has one IRR equal to 24.88%

e. This project only has one IRR equal to 9.34%