Simms Corp. 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 or negative, in both cases it will be rejected.

Year	0	1	2	3
Cash flows	-$1,025	$425	$425	$425

a. 11.29%

b. 10.82%

c. 11.76%

d. 9.64%

e. 12.58%