Consider the following project: Initial outlay = $15 million Year 1 expected cash flow = $5 million Year 2 expected cash flow = $6 million Year 3 expected cash flow = $7 million Project cost of capital = 8% The internal rate of return on this project is closest to (HINT: use excel =IRR() or a financial calculator):

Select one:

A. 3.3%

B. 8.0%

C. 9.2%

D. 20.0%