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	-$1,100	$340	$340	$340	$340	$340

a. 54.55%

b. 28.15%

c. 9.10%

d. 16.52%

e. 10.91%