Nichols Inc. is considering a project that has the following cash flow data. What is the project's IRR? Note that a project's IRR can be less than the cost of capital or negative, in both cases, it will be rejected.

Year	0	1	2	3	4	5
Cash flows	−$1,250	$325	$325	$325	$325	$325

a. 9.91%              

b. 10.40%            

c. 9.43%               

d. 11.47%            

e. 10.92%