Whispering Winds Co, purchased some equipment 3 years ago. The company's required rate of return is 12%, and the net present value of the project was $(1100) Annual cost savings were: $14000 for year 1: 12000 for year 2; and $10000 for year 3. The amount of the initial investment was Year Present Value of 1 at 12% 0.893 0.792 0.712 PV of an Annuity of lat 12% 0.893 1690 Blue Spruce, Inc. is considering purchasing equipment costing $72000 with a 6-year useful life. The equipment will provide annual cost savings of $17514 and will be depreciated straight-line over its useful life with no salvage value. Blue Spruce requires a 10% rate of return. Period 6 Present Value of an Annuity of 1 8% 9% 10% 11% 12% 15% 4.623 4.486 4.355 4.231 4.111 3.784 What is the approximate internal rate of return for this investment? 11% 9% 12% 10%