The Valentine Company has decided to buy a machine costing $33,551. Estimated cash savings from using the new machine amount to $7,000 per year. The machine will have no salvage value at the end of its useful life of twelve years. (Ignore income taxes.) Click here to view Exhibit 13B-2 to determine the appropriate discount factor(s) using tables. If Valentine's required rate of return is 11%, the machine's internal rate of return is closest to: (