(Please show all work and step by step calculations, thank you!)

Warr Company is considering a project that has the following cash flow data. What is the project's IRR? Note that a project's projected IRR can be less than the WACC or negative, in both cases it will be rejected.

Year	0	1	2	3	4
Cash flows	-$1565	$400	$400	$400	$400

a. 0.78%

b. 0.88%

c. 0.91%

d. 0.76%

e. 0.85%