Lawrence Corp. is considering the purchase of a new piece of equipment. When discounted at a hurdle rate of 11%, the project has a net present value of $24,610. When discounted at a hurdle rate of 16%, the project has a net present value of ($29,010). The internal rate of return of the project is:

Multiple Choice

• zero.

• greater than 16%.

• between 11% and 16%.

• between zero and 11%.