Warr Company 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
Cash flows	%u2212$1,050	$400	$400	$400	$400

a. 21.20%

b. 19.27%

c. 14.05%

d. 15.61%

e. 17.34%