Assume that a company is considering buying a new piece of equipment for $240,000 that would have a useful life of five years and no salvage value. The equipment would generate the following estimated annual revenues and expenses:

Revenues					$	128,100
Less operating expenses:
Commissions	$	15,000
Insurance		5,000
Depreciation		48,000
Maintenance		30,000				98,000
Net operating income					$	30,100

Click here to view Exhibit 14B-1 and Exhibit 14B-2, to determine the appropriate discount factor(s) using the tables provided. The internal rate of return for this investment is closest to: