Consolidated Industrial is considering opening a new 5 year project. The project will require investments in property, plant, and equipment totalling $14 million and an initial investment in net working capital of $2 million. The operating cash flows are expected to be $3 million the first year and are expected to increase by $ 3 million in each of the four remaining years. At the end of the project, they will recover the net working capital , and they expect to sell their equipment , producing an after tax cash flow of $6 million . Based on the riskiness of the project , they require a return of 20% What is the IRR of this project ? 38.10 % 34.53 % 35.72 % 36.51 % 39.69 %