Assume the following information for a capital budgeting proposal with a five-year time horizon:

Initial investment:
Cost of equipment (zero salvage value)	$	520,000
Annual revenues and costs:
Sales revenues	$	300,000
Variable expenses	$	130,000
Depreciation expense	$	50,000
Fixed out-of-pocket costs	$	40,000

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