Cirice Corp. is considering opening a branch in another state. The operating cash flow will be $165,300 a year. The project will require new equipment costing $544,000 that would be depreciated on a straight-line basis to zero over the 5-year life of the project. The equipment will have a market value of $145,000 at the end of the project. The project requires an initial investment of $33,000 in net working capital, which will be recovered at the end of the project. The tax rate is 35 percent. What is the project's IRR?

Multiple Choice

16.63%

17.69%

19.07%

14.54%

19.79%