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Marigold, Inc. is considering purchasing equipment costing $35000 with a 6-year useful life. The ...

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Accounting

Marigold, Inc. is considering purchasing equipment costing $35000 with a 6-year useful life. The
equipment will provide cost savings of $8000 and will be depreciated straight-line over its useful
life with no salvage value. Marigold Inc. requires a 8% rate of return. What is the approximate
internal rate of return for this investment?
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