A company is considering investing in new equipment. The cost of the new equipment is $210,000. The present value of the estimated future cash flows is $225,000. The discount rate used in the present value calculations was 12%. Which of the following statements is TRUE? The internal rate of return (IRR) on the project is LESS than 12%. The internal rate of return (IRR) on the project is MORE than 12% The internal rate of return (IRR) on the project is EQUAL to 12%