Vaughn, Inc. is considering purchasing equipment costing $42000 with a 7-year useful life. The equipment will provide cost savings of $9500 and will be depreciated straight-line over its useful life with no salvage value. Vaughn Inc. requires a 11% rate of return. What is the approximate internal rate of return for this investment? Present Value of an Annuity of 1 Period 9% 10% 11% 12% 13% 16% 7 5.033 4.868 4.712 4.564 4.423 4.039 11% 10% 13% 12%