[4 marks] A company will invest $100,000 in a new machine today. The machine will generate $10,000 per year, starting in one year from today, for 20 years. If all projects that the company does must reach an internal rate of return (IRR) of i(1) = 8%, will this project be approved? NOTE: You may use Excel to solve this and cut and paste your solution or you may solve it another way and provide your logic for the conclusion you made.