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%