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

a. 15.61%

b. 17.34%

c. 19.27%

d. 21.20%

e. 14.05%