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 3,350 Operating costs 67,800 New equipment Purchase cost $160,000 Final sales value 3,350 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?