Thorley Inc. is considering a project that has the following cash flow data. What is the project's IRR? Note that a project's projected IRR can be less than the WACC or negative, in both cases it will be rejected.

Year 0 1 2 3 4 5 Cash flows -$1,120

$335 $335 $335 $335 $335

a. 8.38%

b. 9.91%

c. 25.44%

d. 49.55%

e. 15.11%