The present value of a payment of $12,000 to be received at the end of each of the next four years, assuming an interest rate of 8% is:

A. $48,000 B. $12,000

C. $39,745 D. $49,682

30. An investment in production equipment will cost the company $268,403 and will return equal annual cash flows of $40,000 for the next 10 years. Using the Internal Rate of Return (IRR) method, calculate the percentage return for this project.