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	$10,000
Final sales value	3,490
Operating costs	63,190
New equipment
Purchase cost	$160,000
Final sales value	3,490
Operating costs	33,640

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?

I have already tried 0.04 and 0.09 and both I now know are incorrect.