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	$20,000
Final sales value	2,720
Operating costs	65,450
New equipment
Purchase cost	$170,000
Final sales value	2,720
Operating cost savings	27,690

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?