Given the following information and assuming straight$-$line depreciation to zero, what is the IRR of this project? Show work

Initial investment $=$ $$400,000$

life $=4$ years

cost savings $=$ $$125,000$ per year

salvage value $=$ $$20,000$ in year $4$

tax rate $=34\%$

discount rate $=12\%$

A$)6\mathrm{.}25\%$

B$)7\mathrm{.}51\%$

C$)8\mathrm{.}15\%$

D$)9\mathrm{.}43\%$

E$)10\mathrm{.}24\%$