A company is considering purchasing new computer software that will allow it to perform market research internally. This work was previously performed by an external consulting firm. This will result in an annual decrease in^consulting fees paid. However, the software will require an initial cash outlay and the creation of a new position withan annual salary to administer the software. The company has an established hurdle rate of 6%. A cost accountant for the company calculated the following internal rates of return: Including initial cash outlay and reduced consulting expense 7% Including initial cash outlay, reduced consulting expense and new salaried position 3% Should the company purchase the machine, based on the appropriate internal rate of return? Yes, because the internal rate of return is 3%, which is lower than the hurdle rate. No, because the internal rate of return is 7%, which is higher than the hurdle rate. No, because the internal rate of return is 3%, which is lower than the hurdle rate. Yes, because the internal rate of return is 7%, which is higher than the hurdle rate