Megan's Miniatures, Inc. is considering purchasing equipment costing $56,984 with a 5-year useful life. The equipment will provide annual cost savings of $17,000 and will be depreciated straight-line over its useful life with no salvage value. Cleaners requires a 10% rate of return.

Present Value of an $1
n/i	12%	13%	14%	15%
1	0.893	0.885	0.877	0.87
2	0.797	0.783	0.769	0.756
3	0.712	0.693	0.675	0.658
4	0.636	0.613	0.592	0.572
5	0.567	0.543	0.519	0.497

Present Value of an Ordinary Annuity
n/i	12%	13%	14%	15%
1	0.893	0.885	0.877	0.87
2	1.69	1.668	1.647	1.626
3	2.402	2.361	2.322	2.283
4	3.037	2.974	2.914	2.855
5	3.605	3.517	3.433	3.352

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

Group of answer choices

10%

11%

15%

3.352%

10.17%