Lawrence Corp. is considering the purchase of a new piece of equipment. When discounted at a hurdle rate of 11%, the project has a net present value of $24,640. When discounted at a hurdle rate of 15%, the project has a net present value of ($28,940). The internal rate of return of the project is:

greater than 15%.

between zero and 11%.

zero.

between 11% and 15%