Pique Corporation wants to purchase a new machine for $260,000. Management predicts that the machine can produce sales of $170,000 each year for the next 4 years. Expenses are expected to include direct materials, direct labor, and factory overhead (excluding depreciation) totaling $69,000 per year. The firm uses straight-line depreciation with no residual value for all depreciable assets. Pique's combined income tax rate is 30.00%. Management requires a minimum after-tax rate of return of 10.00% on all investments. What is the approximate internal rate of return (IRR) of the investment? Use Excel IRR function Somewhere between 16.53% and 21.53% Less than 8.53% Somewhere between 11.53% and 16.53% Over 21.53% somewhere between 8.53% and 10.53%