Chads Chocolates is considering the purchase of a new candy press. The machine under consideration costs $17,550 and would generate $2,650 in annual savings of direct labor costs over its 20-year life. At the end of 20 years, the press could be sold for $500. Chads required rate of return is 16%. Which of these rates is the machines INTERNAL RATE OF RETURN closest to?

A) 11%

B)12%

C)16%

D)14%