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	-$1,510	$400	$400	$400	$400

Select one:

a. 2.85%

b. 2.31%

c. 2.36%

d. 2.52%

e. 1.84%