Kiley Electronics Is Considering a Project That Has the Following $$\begin{array} { l c c c c } \text { Year } & 0 & 1 & 2 & 3 \\\hline \text { Cash flows } & - \$ 1,100 & \$ 450 & \$ 470 & \$ 490\end{array}$$

Multiple Choice

Kiley Electronics 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 (and even negative) , in which case it will be rejected. $$\begin{array} { l c c c c } \text { Year } & 0 & 1 & 2 & 3 \\\hline \text { Cash flows } & - \$ 1,100 & \$ 450 & \$ 470 & \$ 490\end{array}$$

A) 9.70%
B) 10.78%
C) 11.98%
D) 13.31%
E) 14.64%