You have to decide between projects A and project B. No project is not an option. The cash flows are as follows:

Project A: t=0: -9000; t=1: -2200; t=2: 4000; t=3: 2057

Project B: t=0: -8000; t=1: -4480; t=2: 4000; t=3: 3644

Find the IRR of the incremental project. MARR=15%. Choose the best answer.

a) 7%

b) 8%

c) 9%

d) 22%

e) 23%

f) 24%