Question 17 1 pts Texas Utensils is considering a new project, which would cost $350,000 initially and would generate cash flows of $56,000, starting from next year until forever. Assume the cost of capital is 8%. Which of the following statements about the IRR is true? The IRR of the project is 16%. The IRR of the project can't be determined since the cash flows would last forever. The IRR of the project is infinitely large since the cash flows would last forever. The IRR of the project is 8%