Quip Corporation wants to purchase a new machine for $284,000. Management predicts that the machine will produce sales of $187,000 each year for the next 5 years. Expenses are expected to include direct materials, direct labor, and factory overhead (excluding depreciation) totaling $78,000 per year. The firm uses straight-line depreciation with an assumed residual (salvage) value of $50,000. Quip's combined Income tax rate, t, is 20%. Management requires a minimum after-tax rate of return of 10% on all Investments. What is the approximate Internal rate of return (IRR) of the proposed Investment? (Note: To answer this question, students must have access to Table 2 from Appendix C, Chapter 12) Assume that all cash flows occur at year-end. Multiple Choice O Over 25% Somewhere between 17% and 19%. Somewhere between 20% and 25%. Somewhere between 19% and 20% O Less than 17%