Candy Cups is considering whether to purchase a machine that manufactures cups with names printed on them, or, a bow tying machine. The cup machine will cost $6,000 and, over its 5 year life, will provide net cash inflows of $1,832 per year. The bow tier costs $3,000 and will save $792 net cash outflow per year for 5 years.

What is the approximate IRR, Internal Rate of Return for thecup machine?

a.2.3%

b.23%

c.2.9%

d.16%