TEST 12 Cullumber Company is evaluating the purchase of a rebuilt spot-welding machine to be used in the manufacure of a new product.

Cullumber 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 $36,715. Click here to view the factor table. What is its approximate internal rate of return? (Round answer to 0 decimal place, e. .13% ) Internal rate of return