Use the following table

Present value of an annuity of 1

Period 1. 8% .926 9% .917. 10%. .909

Period 2. 8% 1.783. 9%. 1.759. 10%. 1.736

Period 3. 8%. 2.577. 9%. 2.531. 10%. 2.487

A company has a minimum required rate of return of 8%. It is considering investing in a project that costs $379,650 and is expected to generate cash flows of $150,000 each year for 3 years. The approximate internal rate of return on this project is

A. 8%

B. 9%

C. 10%

D. The IRR on this project cannot be approximated