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 $169,000, has an estimated useful life of 7 years, a salvage value of zero, and will increase net annual cash flows by $37,031. 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: