Pique Corporation wants to purchase a new machine for $280,000. Management predicts that the machine can produce sales of $190,000 each year for the next 4 years. Expenses are expected to include direct materials, direct labor, and factory overhead (excluding depreciation) totaling $74,000 per year. The firm uses straight-line depreciation with no residual value for all depreciable assets. Pique's combined income tax rate is 40.00%. 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 Over 21.76% Somewhere between 16.76% and 21.76% Somewhere between 8.76% and 10.76% Less than 8.76% Somewhere between 11.76% and 16.76% Quip Corporation wants to purchase a new machine for $290,000. Management predicts that the machine will produce sales of $190,000 each year for the next 4 years. Expenses are expected to include direct materials, direct labor, and factory overhead (excluding depreciation) totaling $75,000 per year. The firm uses the straight-line depreciation and expects the machine to have a residual value of $47,000. Quip's combined income tax rate, t, is 40.00%. The required rate of return is 10.00% What is the present value payback in years? 4.01 3.27 3.61 3.81 3.07