49.

(Ignore income taxes in this problem.) The following data pertain to an investment project: Click here to view Exhibit 8B-1 and Exhibit 8B-2 to determine the appropriate discount factor(s) using tables.

Investment required	$	14,068
Annual savings	$	4,000
Life of the project		5	years

The internal rate of return is closest to:

11%

13%

14%

12%