Riverview Company is evaluating the proposed acquisition of a new production machine. The machine's base price is $$200,000,$ and installation costs would amount to $$28,000.$ Also, $$10,000$ in net working capital would be required at installation. The machine will be depreciated for $3$ years using simplified straight line depreciation. The machine would save the firm $$110,000$ per year in operating costs. The firm is planning to keep the machine in place for $5$ years. At the end of the fifth year, the machine will be sold for $$20,000.$ Riverview has a cost of capital of $12\%$ and a marginal tax rate of $34\%.$

What is the IRR of the project?

Group of answer choices

$28\mathrm{.}2\%$

$19\mathrm{.}7\%$

$9\mathrm{.}5\%$

$31\mathrm{.}3\%$

$14\mathrm{.}1\%$