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 $120,000 Less operating expenses: Commissions $15,000 Insurance 5,000 Depreciation 48,000 Maintenance 30,000 98,000 Net operating income $22,000 Click here to view Exhibit 14B-1e 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: 16%. 12%. 18%. 14%