Sheridan 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 $$178,000,$ has an estimated useful life of $7$ years and a salvage value of zero, and will increase net annual cash flows by $$36,565.$ Click here to view PV table.

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

Internal rate of return $\%$