Kanye 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 $161,000, has an estimated useful life of 7 years, a salvage value of zero, and will increase net annual cash flows by $31,989. Click here to view PV table. What is its approximate internal rate of return? (Round answer to decimal place, eg. 13%.) Internal rate of return %