Wilson Corporation is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net income of $52,400. The equipment will have an initial cost of $603,600 and an 8-year useful life. The salvage value of the equipment is estimated to be $103,600. If Wilson's cost of capital of 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 ) Note: Use the appropriate factors from the PV tables. Multiple Choice Less than zero Between zero and 10% Between 10% and 15% More than 15%