Marigold, Inc. is considering purchasing equipment costing $220,000 with a 7-year useful life. The equipment will provide cost savings of $5,300 and will be depreciated straight-line over its useful life with no salvage value. Marigold Inc. requires a 12% rate of return. What is the approximate internal rate of return for this investment? present value of annuity of 1 period 10% 11% 12% 13% 14% 17% 7 4.868 4.712 4.564 4.423 4.288 3.922 (a) 13% (b) 11% (c) 14% (c) 12%