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

Initial investment:

Cost of equipment $($zero salvage value$)$ $ $500,000$

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 $12$B$-1$ and Exhibit $12$B$-2,$ to determine the appropriate discount factor$($s$)$ using the tables provided.

This proposal$$s internal rate of return is closest to: