Current Attemptin Progress $$ Your answer is incorrect. Concord, Inc. is considering purchasing equipment costing $$23000$ with a $6-$year useful life. The equipment will provide cost savings of $$5500$ and will be depreciated straight$-$line over its useful life with no salvage value. Concord Inc. requires a $7\%$ rate of return. What is the approximate internal rate of return for this investment? Present Value of an Annuity of $1$ Period $5\%6\%7\%8\%9\%12\%65\mathrm{.}0764\mathrm{.}9174\mathrm{.}7674\mathrm{.}6234\mathrm{.}4864\mathrm{.}1116\%8\%7\%9\%$ eTextbook and