The following information is given for project A with an initial investment of R50 000.

Year	Net flow cash	Present value of cash flows Discounted @ 10% p.a.
1	R11 000	R10 000.00
2	R14 500	R11 983.47
3	R16 000	R12 021.04
4	R17 700	R11 611.23
5	R17 700	R10 990.31

Which one of the following statements is correct?

(a) The internal rate of return (IRR) for project A is smaller than 10%

(b) The net present value (NPV) for project A is negative

(c) The discounted payback period for project A is 3 years

(d) The payback period for project A is 3.5 years

(e) None of the above