(Ignore income taxes in this problem.) Chee Company has gathered the following data on a proposed investment project:

Investment required in equipment $240,000

Annual cash inflows $50,000

Salvage value $-0-

Life of the investment 8 years

Required rate of return

The internal rate of return on the investment is closes to:

a. 11%

b. 13%

c. 15%

d. 17%