Newport Corporation is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net cash flow of $$202,800.$ The equipment will have an initial cost of $$904,200$ and a $6-$year useful life with no salvage value. If the cost of capital is $10\%,$ what is the internal rate of return? $($Future Value of $$1,$ Present Value of $$1,$ Future Value Annuity of $$1,$ Present Value Annuity of $$1)$

Note: Use the appropriate factors from the PV tables.

Multiple Choice

Between $10\%$ and $12\%$

Less than zero

Between $8\%$ and $10\%$

Between $6\%$ and $8\%$