Sevcan Bakery decided to buy a new oven for $12,000. Using this new technology oven, the owner expects to make extra $3,000 for the first year, $4,000 for the second year and $5,000 for the third and $6,000 for the fourth year. What is IRR of the project?

a)

16.28%

b)

12.78%

c)

9.67%

d)

6.88%