The Following Data Pertain to an Investment Proposal $$\begin{array} { | l | l |} \hline \text { Required Rate of Return } & 6 \% \\\hline\end{array}$$

The following data pertain to an investment proposal:
$\begin{array}{|l|r|}\hline \text { Present investment required } & \$ 14,000 \\\hline \text { Annual cost savings } & \$ 2,500 \\\hline \text { Projected life of the investment } & 8 \text { years } \\\hline \text { Projected Salvage Value } & \$-0 \\\hline\end{array}$
$$\begin{array} { | l | l |} \hline \text { Required Rate of Return } & 6 \% \\\hline\end{array}$$
The internal rate of return on this investment proposal is closest to which of the following? (Ignore income taxes in this problem.)

A) 6.7%.
B) 7.3%.
C) 8.7%.
D) 9.3%.