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 $1,250 $325 $325 $325 $325 $325

a. 10.92%

b. 11.47%

c. 9.43%

d. 9.91%

e. 10.40%