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

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

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