Project ZZQ Requires an Initial Outlay of $500,000 and Has

Multiple Choice

Project ZZQ requires an initial outlay of $500,000 and has a profitability index of 1.4.The project is expected to generate equal annual cash flows over the next ten years.The required return for this project is 16%.What is project ZZQ's internal rate of return?

A) 19.88%
B) 22.69%
C) 24.78%
D) 26.12%