A project manager is using the internal rate of return method to make the final decision on which project to undertake. If inflation is 3%, which of these four projects have the highest internal rate of return?

	$150,000 initial outlay with $50,000 per year cash inflows during the following five years
	$120,000 initial outlay with $80,000 per year cash inflows during the following five years
	$150,000 initial outlay with $25,000 per year ash inflows during the following five years
	$120,000 initial outlay with $60,000 per year cash inflows during the following five years