The company intends to invest in a business improvement for Project $P$ with an initial cost of $R35000$; the required return rate is $13\%$ and the payback period is four years.

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

$\backslash$table$[[$Project P$,],[$Year $0,-35000],[$Year $1,2900],[$Year $2,3000],[$Year $3,3500],[$Year $4,3500]]$

What is the IRR of the proposed project?

a$.-26\mathrm{.}43$

b$.26\mathrm{.}62$

c$.-28\mathrm{.}79$

d$.-29\mathrm{.}97$