Maxwell Feed & Seed is considering a project that has the following cash flow data. What is the project's IRR? Note that a project's projected IRR can be less than the WACC (and even negative), in which case it will be rejected.

Year 0 1 2 3 4 5

Cash flows -$6,250 $2,000 $2,025 $2,050 $2,075 $2,100

a. 18.94%

b. 23.11%

c. 14.40%

d. 18.18%

e. 17.62%