Lawrence Corp. is considering the purchase of a new piece of equipment. When discounted at a hurdle rate of 9%, the project has a net present value of $24,630. When discounted at a hurdle rate of 12%, the project has a net present value of ($29,010). The internal rate of return of the project is:

Multiple Choice

• between zero and 9%.

• zero.

• greater than 12%.

• between 9% and 12%.