Luong Machines Company Is Evaluating an Investment of $1,100,000 Which

Luong Machines Company is evaluating an investment of $1,100,000 which will yield net cash inflows of $197,062 per year for 7 years with no residual value.What is the internal rate of return?
Present value of ordinary annuity of $1:
$\begin{array}{|c|c|c|c|c|}\hline & 5 \% & 6 \% & 7 \% & 8 \% \\\hline 1 & 0.952 & 0.943 & 0.935 & 0.926 \\\hline 2 & 1.859 & 1.833 & 1.808 & 1.783 \\\hline 3 & 2.723 & 2.673 & 2.624 & 2.577 \\\hline 4 & 3.546 & 3.465 & 3.387 & 3.312 \\\hline 5 & 4.329 & 4.212 & 4.100 & 3.993 \\\hline 6 & 5.076 & 4.917 & 4.767 & 4.623 \\\hline 7 & 5.786 & 5.582 & 5.389 & 5.206 \\\hline 8 & 6.463 & 6.21 & 5.971 & 5.747 \\\hline 9 & 7.108 & 6.802 & 6.515 & 6.247 \\\hline 10 & 7.722 & 7.36 & 7.024 & 6.71 \\\hline\end{array}$

A) 5%
B) 6%
C) 7%
D) 8%