Collier Inc. is considering purchasing equipment costing $60,000 with a 6-year useful life. The equipment will provide cost savings of $13,375 and will be depreciated straight-line over its useful life with no salvage value. Collier requires a 10% rate of return.

Present Value of an Annuity of 1

Period 8% 9% 10% 11% 12% 15%

6 4.623 4.486 4.355 4.231 4.111 3.784

What is the approximate internal rate of return for this investment?