Modern Refurbishing Inc $\begin{array} { l c c c c c } \text { Year } & 0 & 1 & 2 & 3 & 4 \\\text { Cash flows } & - \$ 850 & 300 & 290 & 280 & 270\end{array}$

Modern Refurbishing Inc. 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.
$\begin{array} { l c c c c c } \text { Year } & 0 & 1 & 2 & 3 & 4 \\\text { Cash flows } & - \$ 850 & 300 & 290 & 280 & 270\end{array}$

A) 13.13%
B) 14.44%
C) 15.89%
D) 17.48%
E) 19.22%

Correct Answer:

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