Values in the table area cash flows in that year. The projects are independent of each other. The required rate of return for all projects is 13%.

	Year 0	Year 1	Year 2	Year 3	Year 4	Year 5
Project April	(1000)	0	0	0	0	1900
Project June	(21000)	6000	6000	6000	6000	6000
Project July	(5120)	1000	1000	1000	0	2000

Which of the following comes closest to the IRR of Project April?

a. 0%

b. 3.8%

c. 13.7%

d. 19%

e. Cannot determine from the information given