Suppose that a manager is given a new project with the following cash flows:

Year	Cash flow ($ million)
0	-100
1	30
2	40
3	50
4	50

What is the internal rate of return of this project? According to the IRR rule, should the manager undertake this project?

Group of answer choices

IRR is 15.3%. The manager needs to undertake this project because the IRR is higher than the discount rate.

IRR is 15.3%. The manager should not undertake this project because the IRR is higher than the discount rate.

IRR is 22.8%. The manager needs to undertake this project because the IRR is higher than the discount rate.

IRR is 22.8%. The manager should not undertake this project because the IRR is higher than the discount rate.