Byron Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in cash flow of $103,600. The equipment will have an initial cost of $405,400 and have a 5-year life. The salvage value of the equipment is estimated to be $78,600. If the hurdle rate is 10%, what is the internal rate of return? (Future Value of $1. Present Value of $1. Future Value Annuity of $1. Present Value Annuity of $1.) (Use appropriate factor from the PV tables. Round your final answer to the nearest dollar amount.) Multiple Choice Between 8% and 10% Between 10% and 12% O Setween 12% and 10% 0 Between 6 and 8