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

Investment required in equipment $$38,000$ $$9,200$ $$015$ years $10\%$

Annual cash inflows

Salvage value of equipment

Life of the investment

Required rate of return

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

Click here to view Exhibit $12$B$-1$ and Exhibit $12$B$-2,$ to determine the appropriate discount factor$($s$)$ using the tables

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

Multiple Choice