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 -$1,050 $400 $400 $400 $400

1. 14.05%

2. 15.61%

3. 17.34%

4. 19.27%

5. 21.20%