Peri Corporation is considering an investment opportunity with the following expected net cash inflows: Year 1,

$260,000; Year 2, $340,000; Year 3, $390,000. The company uses a discount rate of 11%, and the initial cost of the investment is $770,000.

Present Value of $1:

	10%	11%	12%	13%	14%	15%
1	0.909	0.901	0.893	0.885	0.877	0.870
2	0.826	0.812	0.797	0.783	0.769	0.756
3	0.751	0.731	0.712	0.693	0.675	0.658
4	0.683	0.659	0.636	0.613	0.592	0.572
5	0.621	0.593	0.567	0.543	0.519	0.497

The IRR of the project will be ________.

A.less than11%

B.between12%and13%

C.more than11%

D.between 11%and 12%