Horowitz 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 $176,000, has an estimated useful life of 7 years, a salvage value of zero, and will increase net annual cash flows by $33,740.

(For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What is its approximate internal rate of return?(Round answer to 0 decimal place, e.g. 15.)