The Sisyphean Company is planning on investing in a new project. This will involve the purchase of some new machinery costing $350,000 . The Sisyphean Company expects cash inflows from this project as detailed below:

Year 1 Year 2 Year 3 Year 4

$156,183 $156,183 $156,183 $156,183

The appropriate discount rate for this project is 16%.

The internal rate of return (IRR) for this project is closest to:

A. 17%

B. 32%

C. 21%

D. 28%