The Management of Leahy Enterprises Is Currently Evaluating the Following

The management of Leahy Enterprises is currently evaluating the following investment proposal:
$$\begin{array} { l c c c c c } & \text { Time 0 } & \text { Year 1 } & \text { Year 2 } & \text { Year 3 } & \text { Year 4 } \\\hline \text { Initial investment } & \$ 300,000 & & & & \\\text { Net operating cash flows } & & \$ 100,000 & \$ 100,000 & \$ 100,000 & \$ 100,000\end{array}$$ $$\begin{array} { c c c c c c c } \text { Present Value of an Annuity of } \$ 1 \\\begin{array}{}\hline \text { Period } & 8 \% & 10 \% & 12 \% & 14 \% & 16 \% & 18 \% \\\hline 1 & 0.82593 & 0.90909 & 0.89286 & 0.87719 & 0.86207 & 0.84746 \\2 & 1.78326 & 1.73554 & 1.69005 & 1.64666 & 1.60523 & 1.56564 \\3 & 2.57710 & 2.48685 & 2.40183 & 2.32163 & 2.24589 & 2.17427 \\4 & 3.31213 & 3.16987 & 3.03735 & 2.91371 & 2.79818 & 2.69006\end{array}\end{array}$$ The proposal's payback period and proposal's internal rate of return (IRR) approximate:

A) Payback period 3 years, IRR 12 percent
B) Payback period 3 years, IRR 8 percent
C) Payback period 4 years, IRR 12 percent
D) Payback period 3.5 years, IRR 16 percent