X Company must decide whether to continue using its current equipment or replace it with new, more efficient equipment. The current equipment will last for six more years and has a current disposal value of $14,000. The new equipment will cost $164,000 and will also last for six years. Operating costs with the current equipment are $66,500 and operating costs with the new equipment are $34,050. If X Company replaces the current equipment, what is the approximate internal rate of return?