Assume that a company is considering buying a new piece of equipment for $240,310 that would have a useful life of five years and no salvage value. The equipment would generate the following estimated annual revenues and expenses: Incremental Revenues $ 120,000 Incremental Operating Expenses: Commissions $ 15,000 Insurance 5,000 Maintenance 30,000 Total Incremental Operating Expenses 50,000 Net Operating Income $ 70,000 The internal rate of return for this investment is closest to: 12% 16% 14% 18%