Consider a project that requires an initial investment of $5.2 million at time zero. The expected net cash inflows over the five-year life of the project are as follows:
Year 1: $1.2 million
Year 2: $1.4 million
Year 3: $1.6 million
Year 4: $1.8 million
Year 5: $2.0 million
What is the internal rate of return (IRR) for the project?
Select one:
a. 10.4%
b. 12.2%
c. 14.8%
d. 16.4%
e. none of the above