McKinney Corporation McKinney Corporation Is Involved in the Evaluation of a New

McKinney Corporation McKinney Corporation is involved in the evaluation of a new computer-integrated manufacturing system.The system has a projected initial cost of $1,000,000.It has an expected life of six years,with no salvage value,and is expected to generate annual cost savings of $250,000.Based on McKinney Corporation's analysis,the project has a net present value of $57,625.
Refer to McKinney Corporation.What is the project's internal rate of return? Present value tables or a financial calculator are required.

A) between 12.5 and 13.0 percent
B) between 11.0 and 11.5 percent
C) between 11.5 and 12.0 percent
D) between 13.0 and 13.5 percent