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? Present Value of an Annuity of 1 Period 6%_ 7%_ 8%_ 9%_ 10%_ 13%_ 7 5.582 5.389 5.206 5.033 4.868 4.423

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