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 -1025. 425. 425. 425

Select one:

a. 2.25 years

b. 2.41 years

c. 2.07 years

d. 1.87 years

e. 2.50 years