Lady min corporation is evaluating the purchase of P500,000 die attach machine. The cash inflows expected from the investment is P145,000 per year for five years with no rquipmemt salvage value. The cost of capital is 12%. The net present value factor for five (5) years at 12% is 3.6048 and at 14% is 3.4331. The internal rate of return for this investment is:

A. 3.45%

B. 2.04%

C. 13.80%

D. 15.48%