Ivanhoe Company is evaluating the purchase of a rebuilt spot-welding machine to be used in the manufacture of a new prod

[answerhappygod]

Ivanhoe Company is evaluating the purchase of a rebuilt
spot-welding machine to be used in the manufacture of a new
product. The machine will cost $163,000, has an estimated useful
life of 7 years and a salvage value of zero, and will increase net
annual cash flows by $34,595. Click here to view the factor
table.

What is its approximate internal rate of
return? (Round answer to 0
decimal place, e.g. 13%.)