Pharoah, Inc. is considering purchasing equipment costing $31000 with a 7-year useful life. The equipment will provide cost savings of $6800 and will be depreciated straight-line over its useful life with no salvage value. Pharoah Inc. requires a 10% rate of return. What is the approximate internal rate of return for this investment? Present Value of an Annuity of 1 Period. 8%. 9%. 10%. 11%. 12%. 7. 5.206. 5.033 4.868. 4.712. 4.564 15% 4.160