Bonita Company is evaluating the purchase of a rebuilt spot-welding machine to be used in the manufacture of a new product. The machine will cost $179,000, has an estimated useful life of 7 years, a salvage value of zero, and will increase net annual cash flows by $37,987. Click here to view PV table.

What is its approximate internal rate of return? (Round answer to 0 decimal place, e.g. 13%.)

Internal rate of return=

(enter the internal rate of return in percentages rounded to 0 decimal places)