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Bonita, Inc. is considering purchasing equipment costing $38000 with a 5 -year useful life. The equipment will provide cost savings of $10300 and will be

Bonita, Inc. is considering purchasing equipment costing $38000 with a 5 -year useful life. The equipment will provide cost savings of $10300 and will be depreciated straight-line over its useful life with no salvage value. Bonita Inc. requires a 9% rate of return. What is the approximate internal rate of return for this investment

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