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: $20,000 3,310 62,410 Current equipment Current sales value Final sales value Operating costs New equipment Purchase cost Final sales value Operating costs $170,000 3,310 33,795 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]