Question: Current Attempt in Progress Sheridan Company is evaluating the purchase of a rebuilt spot-welding machine to be used in the manufacture of a new product.

Current Attempt in Progress Sheridan 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 $166,000, has an estimated useful life of 7 years and a salvage value of zero, and will increase net annual cash flows by $32,985. Click here to view the factor table. What is its approximate internal rate of return? (Round answer to O decimal place, e.g. 13%.)

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