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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 $5\%6\%7\%8\%9\%12\%$

$65\mathrm{.}0764\mathrm{.}9174\mathrm{.}7674\mathrm{.}6234\mathrm{.}4864\mathrm{.}111$

$6\%$

$8\%$

$7\%$

$9\%$

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