A Company is reviewing an investment proposal whose initial cost will be $105,000 and whose returns are presented in the following schedule: Year Book Value Annual Net After-Tax Cash Flows Annual Net Income 1 $70,000 $50,000 $15,000 2 42,000 45,000 17,000 3 21,000 40,000 19,000 4 21,000 7,000 35,000 30,000 5 23,000 All cash flows are assumed to take place at the end of the year. The salvage value of the investment at the end of each year is equal to its net book value and there will be no salvage value at the end of the investment's life. The company uses an 8% after-tax target rate of return for new investment proposals. The internal rate of return of the investment proposal is 0 -3.04% 18.61% O 29.25% 8%