(Ignore income taxes in this problem.) Henscheid Roofing is considering the purchase of a crane that would cost $133,796, would have a useful life of 8 years, and would have no salvage value. The use of the crane would result in labor savings of $26,000 per year. The internal rate of return on the investment in the crane is closest to:

a.12%

b.9%

c. 11%

d.14%