Frost 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 $173,000, has an estimated useful life of 7 years and a salvage value of zero, and will increase net annual cash flows by $34,373. Click here to view PV table.

What is its approximate internal rate of return? (Round answer to 0 decimal places, e.g. 16%.)

Internal rate of return