Consider two streams of cash flows, A and B . Stream A s first cash flow is $10,400 and is received three years from today. Future cash flows in Stream A grow by 3 percent in perpetuity. Stream B s first cash flow is $9,300, is received two years from today, and will continue in perpetuity. Assume that the appropriate discount rate is 11 percent.

Suppose that the two streams are combined into one project, called C. What is the IRR of Project C?