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Coronado, Inc. is considering purchasing equipment costing $ 2 6 0 0 0 with a 7 - year useful life. The equipment will provide cost

Coronado, Inc. is considering purchasing equipment costing $26000 with a 7-year useful life. The equipment will provide cost savings
of $5700 and will be depreciated straight-line over its useful life with no salvage value. Coronado Inc. requires a 10% rate of return.
What is the approximate internal rate of return for this investment?
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