The Following Information Is Available on a New Piece of Equipment

The following information is available on a new piece of equipment:
$\begin{array}{|l|r|}\hline \text { Cost of the Equipment } & \$ 21,720 \\\hline \text { Annual Cash Inflows } & 5,000 \\\hline \text { Internal Rate of Return } & 16 \% \\\hline\end{array}$
$$\begin{array} { | l | l| } \hline \text { Required Rate of Return } & 10 \%\\\hline\end{array}$$
What is approximately the life of the equipment? (Ignore income taxes in this problem.)

A) 4.3 years.
B) 6.0 years.
C) 8.0 years.
D) It is impossible to determine from the data given.