HSBC is considering opening a new branch in Timbuktoo. The operating free cash flow from this branch will be $181,400 a year for the first three years. In the final (fourth) year, the project will generate $324,660 in operating free cash flows. The project requires an initial investment of $568,000 that would be depreciated on a straight-line basis to zero over the 4-year life of the project. The project requires an initial investment of $37,000 in net working capital in year 0. The tax rate is 34 percent. The IRR of this project is:

15.86%

9.65%

12.98%

17.67%

14.61%