Welch Corporation is planning an investment with the following characteristics (Ignore income taxes.): Useful life Yearly net cash inflow Salvage value Internal rate of return Required rate of return 5 years $ 70,000 $ 0 12% 8% Click here to view Exhibit 14B-1 and Exhibit 14B-2, to determine the appropriate discount factor(s) using the tables provided. The initial cost of the equipment is closest to: Multiple Choice Cannot be determined from the given information. $280,100 $262,700