A company is considering a project with the following characteristics:

• Initial investment: $50,000
• Annual cash inflows for 7 years: $10,600 per year

The company's discount rate is 13%.

Which answer below is closest to the Internal Rate of Return for this project?

(Use the present values tables above for any present value calculations. Don't round intermediate calculations. Round your final answer to the nearest dollar.)

Group of answer choices

13%

8%

9%

10%

11%

12%

14%

15%

Present Value of $1 received in n periods.
Periods	6%	7%	8%	9%	10%	11%	12%	13%	14%
1	0.943	0.935	0.926	0.917	0.909	0.901	0.893	0.885	0.877
2	0.890	0.873	0.857	0.842	0.826	0.812	0.797	0.783	0.769
3	0.840	0.816	0.794	0.772	0.751	0.731	0.712	0.693	0.675
4	0.792	0.763	0.735	0.708	0.683	0.659	0.636	0.613	0.592
5	0.747	0.713	0.681	0.650	0.621	0.593	0.567	0.543	0.519
6	0.705	0.666	0.630	0.596	0.564	0.535	0.507	0.480	0.456
7	0.665	0.623	0.583	0.547	0.513	0.482	0.452	0.425	0.400
8	0.627	0.582	0.540	0.502	0.467	0.434	0.404	0.376	0.351
Present Value of an ordinary annuity of $1 received at the end of the period for n periods.
Periods	6%	7%	8%	9%	10%	11%	12%	13%	14%
1	0.943	0.935	0.926	0.917	0.909	0.901	0.893	0.885	0.877
2	1.833	1.808	1.783	1.759	1.736	1.712	1.690	1.668	1.647
3	2.673	2.624	2.577	2.531	2.487	2.444	2.402	2.361	2.322
4	3.465	3.387	3.312	3.240	3.170	3.102	3.037	2.974	2.914
5	4.212	4.100	3.993	3.890	3.791	3.696	3.605	3.517	3.433
6	4.917	4.767	4.623	4.486	4.355	4.231	4.111	3.998	3.889
7	5.582	5.389	5.206	5.033	4.868	4.712	4.564	4.423	4.288
8	6.210	5.971	5.747	5.535	5.335	5.146	4.968	4.799	4.639