Tamarisk 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 $$173,000,$ has an estimated useful life of $7$ years and a salvage value of zero, and will

increase net annual cash flows by $$37,907.$

Click here to view the factor table.

What is its approximate internal rate of return? $($For calculation purposes, use $5$ decimal places as displayed

in the factor table provided, e$.$g$.1\mathrm{.}25124$ and final answers to $0$ decimal places, e$.$g$.16\%.)$

Internal rate of return