(Ignore income taxes in this problem) The Valentine Company has decided to buy a machine costing $14,750. Estimated cash savings from using the new machine amount to $4,500 per year. The machine will have no salvage value at the end of its useful life if five years. If Valentine's required rate of return is 10%, the machines internal rate of return is closest to:

A) 10%

B) 12%

C) 14%

D) 16%