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:

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