Palmer Soaps is considering a project to expand their line of hand soaps for mechanics and hard laborers. The project has an initial investment of $187,000. Annual cash flows are expected to be $52,000 for five years. Based on the internal rate of return (IRR) of the project, should the company accept the project if their required rate of return is 11%?

A : Yes, because the IRR is greater than 11%.

B : No, because the IRR is greater than 11%.

C : No, because the IRR is less than 11%.

D : Yes, because the IRR is less than 11%.