With energy costs greater than ever, Berwick's Bike Shop is well-placed for an expansion. Its initial capital cost (not including working capital) is $750,000, expected after-tax operating cash flow is $225,000 per year for five years, and the recovery of capital assets after five years is $75,000. There is also a $100,000 increase in working capital at the beginning of the project that is recovered in whole at the end of the life of the project in Year 5. If this project has a required rate of return of 15%, what is its IRR? 12.60% 13.60% 14.60% 15.60%