Your client is evaluating a real estate project. He believes that a $175,000 investment will provide him cash flow of $20,000 each over the next 12 years and then plans to resell the asset for $200,000 at the end of the 12th year. What is the IRR of this real estate investment? Select one: a. 11.53% b. Cannot be calculated c. 20.1%% d. 12.02% e. 13.82%