Hart CorpIs Considering a Project That Has the Following Cash Flow

Multiple Choice

Hart Corp.is considering a project that has the following cash flow data.What is the project's IRR? Note that a project's IRR can be less than the cost of capital or negative, in both cases it will be rejected. $$\begin{array} { l c c c c } \text { Year } & 0 & 1 & 2 & 3 \\\hline \text { Cash flows } & - \$ 1,000 & \$ 425 & \$ 425 & \$ 425\end{array}$$

A) 12.55%
B) 13.21%
C) 13.87%
D) 14.56%
E) 15.29%