Iron Works International is considering a project that will produce annual cash flows of $38,900, $47,600, $58,300, and $23,800 over the next four years, respectively. What is the internal rate of return if the project has an initial cost of $112,100?

Multiple Choice

• 16.10%

• 17.71%

• 19.32%

• 18.51%

• 17.17%