Build Corporation wants to purchase a new machine for $316,000. Management predicts that the machine can produce sales of $205,000 each year for the next 5 years. Expenses are expected to include direct materials, direct labor, and factory overhead (excluding depreciation) totaling $88,000 per year. The firm uses straight-line depreciation with no residual value for all depreciable assets. Build's combined income tax rate is 30%. Management requires a minimum after-tax rate of return of 10% on all investments. What is the approximate internal rate of return (IRR) of the investment? (NOTE: To answer this question, students must have access to Table 2 from Appendix C, Chapter 12) Assume that annual after-tax cash flows occur at year-end. Multiple Choice Less than 12% Somewhere between 12% and 14% Somewhere between 15% and 20% C Somewhere between 20% and 25%. Over 25%