20. Ruiz Corporation is considering the purchase of a machine that would cost $22,710 and would have a useful life of 5 years. The machine would generate $6,300 of net annual cash inflows per year for each of the 5 years of its life. The internal rate of return on the machine would be closest to:

Appendix 9-1 (Present value of $1 received in n periods):

	10%	11%	12%	13%
1	0.9091	0.9009	0.8929	0.8850
2	0.8264	0.8116	0.7972	0.7831
3	0.7513	0.7312	0.7118	0.6931
4	0.6830	0.6587	0.6355	0.6133
5	0.6209	0.5935	0.5674	0.5428

Appendix 9-2 (Present value of an annuity of $1 per period):

	10%	11%	12%	13%
1	0.9091	0.9009	0.8929	0.8850
2	1.7355	1.7125	1.6901	1.6681
3	2.4868	2.4437	2.4018	2.3612
4	3.1698	3.1024	3.0373	2.9745
5	3.7907	3.6959	3.6048	3.5172

Group of answer choices

11%

12%

10%

13%