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

Investment required in equipment: $$30,000$

Annual cash inflows: $$6,000$

Salvage value of equipment: $$0$

Life of investment: $15$ years

Required rate of return: $10\%$

The company uses straight$-$line depreciation on all equipment. Assume cash flows occur uniformly throughout the year after the initial investment. The internal rate of return of the investment is closest to:

Group of answer choices

$20\%$

$22\%$

$18\%$

$16\%$