Consider the project described in the table below. What is the project's internal rate of return?

Cost of Capital Rate	5%
Time	0	1	2	3	4
Cash Flows	($5,000)	$500	$1,000	$2,000	$3,000

Select one:

a.

8.70%

b.

8.44%

c.

8.61%

d.

8.79%