21C Partly sunny Question 7 of 10 LUITEMIL MItempt II FrUBIESS Concord, Inc. is considering purchasing equipment costing $23000 with a 6-year useful life. The equipment will provide cost savings of $5500 and will be depreciated straight-line over its useful life with no salvage value. Concord Inc. requires a 7% rate of return. What is the approximate internal rate of return for this investment? Period 6 O 9% O 7% O 8% O 6% 5% 5.076 6% Present Value of an Annuity of 1 4.917 Q Search 7% 4.767 R 8% 4.623 B 9% 4.486 12% 4.111 -/1 ||| ^ ENG IN D 16:33 23-08-2023

Concord, Inc. is considering purchasing equipment costing $23000 with a 6-year useful life. The equipment will provide cost savings of $5500 and will be depreciated straight-line over its useful life with no salvage value. Concord Inc. requires a 7% rate of return. What is the approximate internal rate of return for this investment