Growth Inc has target debt-to-equity ratio of 0.35. Unlevered beta of Growth Inc stock is 0.8. Risk-free rate is 3.2% and credit spread for the firms with similar default risk as Growth Inc is 1.9%. Market risk premium is 7% and the corporate tax rate is 35%.

Given this information, what should be the minimum Internal Rate of Return for investment projects with similar risk as the overall firm to be accepted by the firm?

a.7.32%

b. 9.21%

c. 8.32%

d. 7.77%

e. 9.61%