Suppose that a project has an upfront cost of $150,000 and lasts 4 years, with no residual value. The relevant cash flows from the project are estimated to be:

End of Year 1: $53,000

End of Year 2: $48,000

End of Year 3: $45,000

End of Year 4: $37,000

The required annual rate of return for this project is deemed to be 10%. What is the internal rate of return (IRR) on this project? [Choose closest]

• A.18.000%
• B.208.735%
• C.8.995%
• D.-2.136%