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 -$1,500 $400 $400 $400 $400

Group of answer choices

2.63%

2.18%

2.42%

2.74%