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: CurrentequipmentCurrentsalesvalueFinalsalesvalueOperatingcostsNewequipmentPurchasecostFinalsalesvalueOperatingcostsavings$12,0003,14066,570$162,0003,14030,510 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 O F: 0.08