Pharoah, Inc. is considering purchasing equipment costing $$44000$ with a $5-$year useful life. The equipment will provide cost savings of $$11600$ and will be depreciated straight$-$line over its useful life with no salvage value. Pharoah Inc. requires a $8\%$ rate of return. What is the approximate internal rate of return for this investment?

Period

$5$

$6\%$

$4\mathrm{.}212$

$7\%$

$4\mathrm{.}100$

Present Value of an Annuity of $1$

$8\%$

$3\mathrm{.}993$

$9\%$

$3\mathrm{.}890$

$10\%$

$3\mathrm{.}791$

$13\%$

$3\mathrm{.}517$

$7\%$

$8\%$

$9\%$

$10\%$