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 -$625 $300 $290 $280 $270

a. 20.60%

b. 16.21%

c. 82.40%

d. 29.94%

e. 69.18%