Warr Company Is Considering a Project That Has the Following

Multiple Choice

Warr Company is considering a project that has the following cash flow data.What is the project's IRR? Note that a project's projected IRR can be less than the WACC or negative,in both cases it will be rejected.
? $$\begin{array} { l c c c c c } \text { Year } & 0 & 1 & 2 & 3 & 4 \\\hline \text { Cash flows } & - \$ 1540 & \$ 400 & \$ 400 & \$ 400 & \$ 400\end{array}$$
?

A) 4.13%
B) 0.99%
C) 5.41%
D) 3.58%
E) 1.22%