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Simkins Renovations Inc. is considering a project that has the following cash flow data. What is the project's IRR? Note that a project's projected IRR

Simkins Renovations Inc. 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 (and even negative), in which case it will be rejected.

Year 0 1 2 3 4

Cash flows -$925 $395 $385 $375 $365

a. 23.70% b. 64.32% c. 50.24% d. 16.08% e. 13.22%

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