Joan Inc. is considering a four-year project that has an initial outlay or cost of $80,000. The future cash inflows from its project are $40,000, $40,000, $30,000, and $30,000 for years 1, 2, 3 and 4, respectively. Joan uses the internal rate of return method to evaluate projects. What is the approximate IRR for this project?

a. the IRR is about 28.89%

b. the IRR is less than 12%

c. the IRR is between 12% and 20%

d. the IRR is about 24.55%