Sheridan, lnc. is considering purchasing equipment costing $37000 with a 7-year useful life. The equipment will provide cost savings of $7600 and will be depreciated straightline 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 M % 10% 13% 7 5.582 5.389 5.206 5.033 4.868 4.423 O 7% O 9% O 8% O 10%