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. 9.64%

c. 11.76%

d. 10.82%

e. 12.58%