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	2,180
Operating costs	62,010
New equipment
Purchase cost	$160,000
Final sales value	2,180
Operating costs	34,320

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? [Enter your rate as a decimal; so 1% would be .01]