With a purchase price of $450,000, a small warehouse provides for an initial before- tax cash flow of $25,000, which grows by 4 percent per year. If the before-tax equity reversion after four years equals $80,000, and an initial equity investment of $95,000 is required, what is the IRR on the project? Excel a) 20.7% b) 21.5% c) 22.1% d) 23.5% e) 25.6% f) 24.9%