High Kicks Manufacturing makes shoes to be sold at retail stores. They want to buy a new machine that will make the shoes more durable to raise sales and cut waste costs. The machine will cost $167,500. The cash flows resulting from the investment are as follows: Year 1: $50,000; Year 2: $100,000; Year 3: $145,000; Year 4: $300,000; Year 5: $200,000. Calculate the IRR of the project.

Group of answer choices

$317,893.80

51.48%

#NUM!

61.01%