Wildhorse recently invested in a project with a 3-year life span. The net present value was $9400 and annual cash inflows were $30000 for year 1; $32000 for year 2; and $34000 for year 3. The initial investment for the project, assuming a 15% required rate of return, was Present Value Year of 1 at 15% 1 0.870 2 0.756 3 0.658 PV of an Annuity of 1 at 15% 0.870 1.626 2.283 O $60456 $63264 $74120 $53768 Whispering Winds, Inc. is considering purchasing equipment costing $48000 with a 6-year useful life. The equipment will provide annual cost savings of $11676 and will be depreciated straight line over its useful life with no salvage value. Whispering Winds requires a 10% rate of return Period 6 8% 4.623 Present Value of an Annuity of 1 9% 10% 11% 12% 15% 4.486 4.355 4.231 4.111 3.784 What is the approximate internal rate of return for this investment? 10% 09% 1196 1296