The Gamma Company is planning on investing in a new project. This project requires an initial investment into a new machinery of $420,000. The Gamma Company expects cash inflows from this project to be as follows: $200,000 in year 1, $225,000 in year 2, $275,000 in year 3, and $200,000 in year 4 of the project. The appropriate discount rate for this project is estimated at 16%. What is the IRR of this project?

Group of answer choices

31.2%

26.7%

38.4%

28.6%

35.7%

24.8%