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	$16,000
Final sales value	2,680
Operating costs	64,060
New equipment
Purchase cost	$166,000
Final sales value	2,680
Operating cost savings	30,510

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?

A: 0.03

B: 0.04

C: 0.05

D: 0.06

E: 0.07

F: 0.08