ACME Enterprises is considering the purchase of a new piece of equipment. One piece of equipment was proposed that costs $84,000 and would save $16,800 annually for 7 years over current manual methods. No salvage value is expected on the machine at the end of its useful life. The firm's cost of capital is 11 percent. Using Internal Rate of Return (IRR) for the proposed piece of equipment, is this purchase an acceptable investment? A YES it is an acceptable investment because IRR is greater than its cost of capital B YES it is an acceptable investment because NPV is greater than 0 C NO it is not an acceptable investment because IRR is less than its cost of capital D More information is required to determine if it is an acceptable investment