Show me the steps to solve

Big Sur Materials has gathered the following data on a proposed investment project $($Ignore income taxes.$)$:

Investment required in machinery $ $31,000$

Annual cash inflows $ $6,400$

Salvage value of machinery $ $0$

Life of the investment $15$ years

Required rate of return $10\%$

The company uses straight$-$line depreciation on all machinery. Assume cash flows occur uniformly throughout a year except for the initial investment.

Use the documents provided in the instructions to determine the appropriate discount factor$($s$).$

The internal rate of return of the investment is closest to:

Group of answer choices