Consider the following two mutually exclusive projects with their expected Cash Flows ($)

Project C0 C1 C2 C3

A $100 +$60 +$60 +$60

B $100 ------ ------ +$208.35

What is the cross-over rate for these two projects?

a. unknown, because the discount rate is unkown

b. 28%

c. 36%

d. 32%

e. 15%

Notes: If possible, please provide the formulas and steps. Our class doesn't use a financial calculator either - only using time value of money math. Thank you!