Moore Inc. is considering purchasing equipment costing $60,000 with a 6-year useful life. The equipment will provide cost savings of $13,375 and will be depreciated straight-line over its useful life with no salvage value. Moore requires a 10% rate of return. What is the approximate internal rate of return for this investment? \begin{tabular}{c} 12% \\ \hline 11% \\ \hline 9% \\ \hline 10% \\ \hline \end{tabular}