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Thompson Stores 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 (and even negative), in which case it will be rejected.

Year          Cash Flow

0              ($1,000)

1                 $300

2                $295

3                $290

4                $285

5                 $270

a)            11.16%

b)            12.40%

c)            13.78%

d)            15.16%

e)            16.68%

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