The NPV of a series of cash flows is the following:

At a 5% required rate of return, the NPV is $41,728

At a 10% required rate of return, the NPV is $24,708

At a 15% required rate of return, the NPV is $9,940

At a 20% required rate of return, the NPV is -$2,968 (note the negative sign)

The IRR for the series of cash flows is in which range:

Multiple Choice

0% to 5%

Between 5% and 10%

Between 10% and 15%

Between 15% and 20%