Consider a project with the following cash flow stream:

Cash flow in year 0 = -$500 (i.e., an outflow of $500)

Cash flow in year 1 = $200

Cash flow in year 2 = $300

What is this projects internal rate of return (IRR), rounded to the nearest whole percent?

a. 0%

b. 5%

c. 15%

d. 20%

e. 25%

f. None of the answers listed above is within 0.5 percentage points of the correct answer.