he financial manager is evaluating a proposal for a new project with a cost of capital of $13\mathrm{.}5\%.$

The cash flows for the project are estimated as follows:

Year Net cash flows

$0-$R $1000000$

$1$ R $650000$

$2$ R $450000$

$3$ R $350000$

The IRR is $...$

a$.$

$12\mathrm{.}03\%$

b$.$

$17\mathrm{.}04\%$

c$.$

$20\mathrm{.}05\%$

d$.$

$24\mathrm{.}03\%$