Dasht Co is considering a new project. Details of the proposed project are as follows: Life of project: 6 years Initial cost: $85,000 Annual savings: $24,000 NPV at 5%: $36,824 What is the internal rate of return for this project to the nearest 1%? Use Annuity factor for 20% provided below 20% annuity factor Present Year value 0 1 1-6 3.326 a. 16% O b. 22% O c. 20% O d. 18%