Please analyze the following project. All cash flows are in millions, they are assumed to be after-tax and they occur evenly over each year. The client requires a 20% rate of return.

Year	Cash Flow	Discounted Cash Flows
0	-4,500
1	1,500
2	1,700
3	4,500
IRR
NPV

The IRRs for this Project is:

Multiple Choice

• The Project IRR is 22.56%

• The Project IRR is 15.65%

• The Project IRR is 27.52%

• The Project IRR is 26.14%