D Question 8 1 pts Pinder Ltd is considering an investment into a project which it intends to operate for 5 years. The project requires an initial outlay of $7 million. The project will generate cash sales of $2.5 million in the first year. Sales will grow by $0.5 million each year in the following two years. After the third year, sales will grow by 10%. Cash operating costs, excluding depreciation will be 20% of sales. Depreciation expenses will be 10% of sales. There are no cash flows associated with the salvage value or the net working capital, Pinder Ltd's tax rate is 30%. What is the IRR of this project? (Round to the nearest two digits) O None of the other answers are correct. O 14.98% O 11.65% 18.10% O 12.31%