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 $24,500. When discounted at a hurdle rate of 12%, the project has a net present value of ($28,320). The internal rate of return of the project is:

between zero and 8%.

greater than 12%.

zero.

between 8% and 12%.