Midize Flower Company Provides Flowers and Other Nursery Products for Decorative

Midize Flower Company provides flowers and other nursery products for decorative purposes in medium to large sized restaurants and businesses. The company has been investigating the purchase of a new specially equipped van for deliveries. The van will cost $61,392 with a eight-year life. The expected additional cash inflows are $16,000 per year. What is the internal rate of return?

A) 17%
B) 20%
C) 22%
D) 27%