Consider the following project: Initial outlay = $25 million Year 1 expected cash flow = $5 million Year 2 expected cash flow = $15 million Year 3 expected cash flow = $20 million Project cost of capital = 8% The internal rate of return of this project is closest to (HINT: use excel =IRR() or a financial calculator):

A. 3.3%

B. 8.0%

C. 18.9%

D. 22.4%