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 $35$ percent. What is the project's IRR?

$20\mathrm{.}13\%$

$16\mathrm{.}93\%$

$22\mathrm{.}14\%$

$19\mathrm{.}04\%$

$21\mathrm{.}84\%$