1. Note the following cash flows:
Year	PROJECT A	PROJECT B	PROJECT C	PROJECT D
0	-$35,000	-$75,000	-$10,000	-$150,000
1	$0	-$4,350	$0	-$12,500
2	$5,000	-$1,250	$0	-$15,000
3	$7,500	$0	$0	-$20,000
4	$12,500	$5,000	$0	$3,500
5	$12,500	$7,500	$0	$24,000
6	$12,500	$12,500	$0	$30,000
7	$12,500	$20,000	$0	$45,000
8	$12,500	$25,000	$0	$95,000
9	$68,500	$164,500	$60,000	$315,000
Assuming you are risk-neutral and ignoring tax consequences (!), which project do you prefer, if your discount rate is 12.5%?
a. Project A
b. Project B
c. Project C
d. Project D
What is the IRR of your project you choose?
a. 13.21%
b. 14.02%
c. 15.24%
d. 22.03%