Republic Ventures invested 2 million in Mad House on Madison, Inc. in January 2016 in the form of Series A Convertible Preferred Stock. The pre-money valuation was 8 million. Series A Preferred Stock has a liquidation preference of 1x invested capital. Series A Preferred Stock is the only stock outstanding aside from common stock held by the founders. In January, 2020, Mad House was sold for $20 million. The IRR on Republics investment in Mad House was:

A) 20% B) 35.93% C) 18.92% D) 100%