262. Chinchilla Company is considering the purchase of a new machine for $57,000. The machine would generate an annual cash flow of $18,228 for five years. At the end of five years, the machine would have no salvage value. The company's cost of capital is 12 percent. The company uses straight-line depreciation with no mid-year convention. What is the internal rate of return for the machine rounded to the nearest percent, assuming no taxes are paid?

a. 12%

b. 18%

c. 14%

d. 16%