Please show all work and don't use excel to solve problem since that is not how I need to learn how to this.

1. You are considering investing in a project with the following year-end after-tax cash flows: Year 1 $5,000 Year 2 $3,200 Year 3 $7,800 If the initial outlay for the project is $12,113, compute the projects IRR.

a. 14%

b. 10%

c. 32%

d. 24%