The owner of commercial property that has a Fish-Fil-A on the property is expected to produce net operating cash flows annually, as follows, at the end of each of the next five years: Year 1 = $ 48,000 Year 2 = $ 56,000 Year 3 = $ 66,000 Year 4 = $ 69,000 Year 5 = $ 75,000 In addition, at the end of the fifth year we will assume the property will (or at least could) be sold for $650,000. If the required rate of return on projects of similar risk is 14%, and you plan to invest $525,000 in the property: What is the Internal Rate of Return offered by the project? A.

16.8%

B. 13.4%

C. 11.9%

D. 15.1%