Question: Current Attempt in Progress Pharoah, Inc. is considering purchasing equipment costing $44000 with a 5 -year useful life. The equipment will provide cost savings of

Current Attempt in Progress Pharoah, Inc. is considering purchasing equipment costing

Current Attempt in Progress Pharoah, Inc. is considering purchasing equipment costing $44000 with a 5 -year useful life. The equipment will provide cost savings of $11600 and will be depreciated straight-line over its useful life with no salvage value. Pharoah Inc. requires a 8% rate of return. What is the approximate internal rate of return for this investment? 8% 10% 9% 7%

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