Use the following table,

Present Value of an Annuity of $1$

Period $8\%9\%10\%$

$10\mathrm{.}9260\mathrm{.}9170\mathrm{.}909$

$21\mathrm{.}7831\mathrm{.}7591\mathrm{.}736$

$32\mathrm{.}5772\mathrm{.}5312\mathrm{.}487$

A company has a minimum required rate of return of $8\%.$ It is considering investing in a project that costs $379,650$ and is expected to generate cash inflows of $150,000$ each year for three years. The approximate internal rate of return on this project is$?$

Select one alternative:

$10\%$

$9\%$

$8\%$

The IRR on this project cannot be approximated