The company intends to invest in a business improvement for Project K with an initial cost of R$20000$; the required return rate is $12\%$ and the payback period is four years.

The projected net annual cash flows for the project are as follows:

Project K

Year $0$

$-20000$

Year $1$

$2700$

Year $2$

$3000$

Year $3$

$3300$

Year $4$

$3500$

What is the IRR of the proposed project?

a$.$

$26\mathrm{.}80$

b$.$

$-15\mathrm{.}91$

c$.$

$-16\mathrm{.}17$

d$.$

$-17\mathrm{.}31$