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

Cost of Capital Rate 11%

Time 0 1 2 3 4

Cash Flows ($3,700) $2,100 $2,000 $1,900 $1,800

Select one:

a. 39.26% b. 37.67% c. 39.65% d. 40.84%