Assume the following information for a capital budgeting

proposal with a five$-$year time horizon: Initial investment: Cost of

equipment $($zero salvage value$)$ $ $400,000$ 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:Multiple Choice $18\%.23\%.16\%.21\%.$