What is the IRR of the following project: Cost of machine 2 million Working capital needed at time 0 is $250,000 none is recovered at the projects end Cash flow year 1 $500,000 Cash Flow years 2 through 4 $700,000 Salvage value end of year 4 is $300,000 WACC 9%

a.IRR=9.85%

b.IRR=8.95%

c.IRR=7.63%

d.Cannot determine with the information provided.