Cleaners, Inc.is considering purchasing equipment costing $30,000 with a 6-year useful life.The equipment will provide cost savings of $7,300 and will be depreciated straight-line over its useful life with no salvage value.Cleaners, Inc.requires a 10% rate of return.What is the approximate internal rate of return for this investment? $\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\text { Present Value of an Annuity of } 1$$\begin{array}{llcc}
\underline{\text { Period }} &\underline{8 \%}&\underline{9 \%} & \underline{10 \%}&\underline{11 \%} &\underline{12 \%}& \underline{15 \%}\
6&4.623&4.486&4.355&4.231&4.111&3.784
\end{array}$

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The Answer of Cleaners, Inc.is considering purchasing equipment costing $30,000 with a 6-year useful life.The equipment will provide cost savings of $7,300 and will be depreciated straight-line over its useful life with no salvage value.Cleaners, Inc.requires a 10% rate of return.What is the approximate internal rate of return for this investment? $\quad $$\quad $$\quad $$\quad $$\quad $$\quad $$\text { Present Value of an Annuity of } 1$$\begin{array}{llcc}
\underline{\text { Period }} &\underline{8 \%}&\underline{9 \%} & \underline{10 \%}&\underline{11 \%} &\underline{12 \%}& \underline{15 \%}\
6&4.623&4.486&4.355&4.231&4.111&3.784
\end{array}$

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