What is its approximate internal rate of return

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Horowitz 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 $332,168, has an estimated useful life of 12 years, a salvage value of zero, and will increase net annual cash flows by $39,620. (Use the below table.)

What is its approximate internal rate of return?

Reference no: EM13746023

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