Cirice Corporation is considering opening a branch in another state. The operating cash flow will be $187,600 a year. The project will require new equipment costing $580,000 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 $169,000 at the end of the project. The project requires an initial investment of $39,000 in net working capital, which will be recovered at the end of the project. The tax rate is 21 percent. What is the project's IRR?

22.14%

20.76%

21.84%

16.93%

19.04%