Ivanhoe 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 $$174,000,$ has an estimated useful life of $7.$years and a salvage value of zero, and will increase net annual cash flows by $$38,130.$ Click here to view the factor table.

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

Internal rate of return $\%$