Cirice Corporation is considering opening a branch in another state. The operating cash flow will be $151,600 a year. Th

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Cirice Corporation is considering opening a branch in anotherstate. The operating cash flow will be $151,600 a year. The projectwill require new equipment costing $565,000 that would bedepreciated on a straight-line basis to zero over the 6-year lifeof the project. The equipment will have a market value of $159,000at the end of the project. The project requires an initialinvestment of $36,500 in net working capital, which will berecovered at the end of the project. The tax rate is 24 percent.What is the project's IRR?
Multiple Choice
17.91%
16.39%
17.23%
18.64%
14.27%