lazy snake industries is considering a new capital budgeting project that will last for three years. lazy snake plans on using a cost of capital of 12% to evaluate this project. analysis department has prepared the following incremental cash flow projections:

year	0	1	2	3
Sales (revenues)		150000	165000	180000
-Cost of goods sold (50% of sales)		75000	82500	90000
-Depreciation		30000	30000	30000
=EBIT		45000	52500	60000
-Taxes (35%)		15750	18375	21000
=Unlevered net income		29250	34125	39000
+Depreciation		30000	30000	30000
+Changes to working capital		-10000	-10000	20000
-capital expenditures	-140000

Lazy Snake would like to know, what is the break-even level of discount rate for this project?

a) 19,14%

b) 0%

c) 15,88%

d) 12%

e) none of these answers