Please show the process of the calculations.

Tu Corporation is investigating automating a process by purchasing a machine for $423,000 that would have a 9 year useful life and no salvage value. By automating the process, the company would save $112,000 per year in cash operating costs. The new machine would replace some old equipment that would be sold for scrap now, yielding $27,000. The annual depreciation on the new machine would be $47,000.

The internal rate of return on the investment is closest to:

A. 11%

B. 13%

C. 15%

D. 17%