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Minnie Corp is considering the purchase of a new piece of equipment. When discounted at a hurdle rate of 8%, the project has a net

Minnie 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 $24,580. When discounted at a hurdle rate of 10%, the project has a net present value of ($28,940). The internal rate of return of the project is

a.

zero.

b.

between zero and 8%.

c.

between 8% and 10%.

d.

greater than 10%.

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