Sheridan, Inc. is considering purchasing equipment costing $37000 with a 7-year useful life. The equipment will provide cost savings of $7600 and will be depreciated straight-line over its useful life with no salvage value. Sheridan Inc. requires a 8% rate of return. What is the approximate internal rate of return for this investment? Period 7 6% 5.582 7% Present Value of an Annuity of 1 5.389 8% 5.206 9% 5.033 10% 4.868 13% 4.423