Copa Corporation Is Considering the Purchase of a New Machine

Copa Corporation is considering the purchase of a new machine costing $150,000. The machine would generate net cash inflows of $43,690 per year for 5 years. At the end of 5 years, the machine would have no salvage value. Copa's cost of capital is 12 percent. Copa uses straight-line depreciation.
Using a spreadsheet or financial calculator, determine the proposal's internal rate of return for the investment.
The proposal's internal rate of return is:

A) 12.993 percent
B) 14.251 percent
C) 16.012 percent
D) 13.998 percent