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Swifty, Inc. is considering purchasing equipment costing $32000 with a 6-year useful life. The equipment will provide annual cost savings of $7784 and will be

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Swifty, Inc. is considering purchasing equipment costing $32000 with a 6-year useful life. The equipment will provide annual cost savings of $7784 and will be depreciated straight-line over its useful life with no salvage value. Swifty requires a 10% rate of return. What is the approximate internal rate of return for this investment? 12% 9% 10% 11%

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