A project has the following annual cash flows:
| Year 0 | Year 1 | Year 2 | Year 3 | Year 4 |
| -$4,662,005 | $22,610,723 | -$41,072,261 | $33,116,550 | -$10,000,000 |
Which of the following discount rates most likely produces the highest net present value (NPV)?
The NPV at 15% is $99.93. The NPV at 10% is -$0.01. The NPV at 8% is -$307.59.