Lawrence Corp. is considering the purchase of a new piece of equipment. When discounted at a hurdle rate of 8%, the project has a net present value of $24,610. When discounted at a hurdle rate of 11%, the project has a net present value of ($28,980). The internal rate of return of the project is:

greater than 11%.

between zero and 8%.

between 8% and 11%.

zero.