You are evaluating an investment project and learn the following:

1. The project's NPV at a discount rate of 16% is +$35,879
2. The project's NPV at a discount rate of 20% is +$12,356
3. The project's NPV at a discount rate of 22% is -$1,923

Based on (i)-(iii) above you know the project's IRR must be:

Less than 16%

Greater than 22%

Between 16% and 20%

Between 20% and 22%