Joetz Corporation has gathered the following data on a proposed investment project $($Ignore income taxes.$)$:

Investment required in equipment $ $36,500$

Annual cash inflows $ $8,600$

Salvage value of equipment $ $0$

Life of the investment $15$ years

Required rate of return $10\%$

The company uses straight$-$line depreciation on all equipment. Assume cash flows occur uniformly throughout a year except for the initial investment.

Click here to view Exhibit $14$B$-1$ and Exhibit $14$B$-2,$ to determine the appropriate discount factor$($s$)$ using the tables provided.

The internal rate of return of the investment is closest to:

Multiple Choice

$24\%$

$22\%$

$20\%$

$26\%$