Current Attempt in Progress Pharoah, Inc. is considering purchasing equipment costing $44000 with a 5 -year useful life. The equipment will provide cost savings of $11600 and will be depreciated straight-line over its useful life with no salvage value. Pharoah Inc. requires a 8% rate of return. What is the approximate internal rate of return for this investment? 8% 10% 9% 7%