XYZ is evaluating a project that would last for 3 years. The projects internal rate of return is 8.90 percent; its NPV is -$2,300; and the expected cash flows are presented in the table. What is X?

Years from today	0	1	2	3
Expected cash flow (in $)	-78,000	61,000	X	16,000

a.

An amount equal to or greater than $9,000 but less than $11,000

b.

An amount equal to or greater than $11,000 but less than $13,000

c.

An amount equal to or greater than $13,000 but less than $15,000

d.

An amount equal to or greater than $15,000 but less than $17,000

e.

An amount less than $9,000 or an amount equal to or greater than $17,000