Lawrence Corp. is considering the purchase of a new piece of equipment. When discounted at a hurdle rate of 12%, the project has a net present value of $24,600. When discounted at a hurdle rate of 15%, the project has a net present value of ($29,000). The internal rate of return of the project is:

answers:

zero.

greater than 15%.

between zero and 12%.

between 12% and 15%.