X Company must decide whether to continue using its current equipment or replace it with new, more efficient equipment. The following information is available for the current and new equipment:Current equipmentCurrent sales value$18,000Final sales value3,670Operating costs66,260New equipmentPurchase cost$168,000Final sales value3,670Operating cost savings28,615

The current and new equipment will last for 6 years. If X Company replaces the current equipment, what is the approximate internal rate of return?

X Company must decide whether to continue using its current equipment or replace it with new, more efficient equipment. The following information is available for the current and new equipment: Current equipment Current sales value $18,000 Final sales value 3,670 Operating costs 66,260 New equipment Purchase cost $168,000 Final sales value 3,670 Operating cost savings 28,615 The current and new equipment will last for 6 years. If X Company replaces the current equipment, what is the approximate internal rate of return