Keltner Enterprises Is Considering Investing in a New Packing Machine

Keltner Enterprises is considering investing in a new packing machine.The new machine will provide annual cash operating inflows of $12,300 for 5 years.The cost of the machine is $50,430.The machine currently being used is 3 years old and could be sold for $1,320.What is the machine's internal rate of return?
$$\begin{array}{lllr} \text { Type of cash flow } & \text { n Periods } & \text { i Interest rate } & \text { Factor } \\\hline \text { PV ordinary annuity } & 5 & 6 \% & 4.21236 \\\text { PV ordinary annuity } & 5 & 8 \% & 3.99271 \\\text { PV ordinary annuity } & 5 & 10 \% & 3.79079 \\\text { PV ordinary annuity } & 5 & 12 \% & 3.60478 \\\text { PV ordinary annuity } & 5 & 15 \% & 3.35216\end{array}$$

A) 6%
B) 8%
C) 10%
D) 12%