the internal rate of return for new investments the firm's opportunity cost of funds. QUESTION 25 Modern Refurbishing Inc. is considering a project that has the following cash flow data. What is the project's IRR? Note that a project's IRR can be less than the cost of capital and even negative), in which case it will be rejected. Excel Link Year 0 1 2 3 4 Cash flows -$875 $325 $310 $290 $270 13.68% 14.09% 14.24% 14.75% 15 16%