. Investment in Another Company. The management of Musser Enterprises, in Cologne, Germany, is considering a DM10,000,000 investment to acquire the assets of Ener-Tec Company, a small company that has developed a more economical means of using electrical energy. Last year, Ener-Tec reported net sales of DM20,000,000 and operating expenses of DM18,000,000. Included in the operating expenses is depreciation of assets in the amount of DM800,000. This level of earnings is expected to continue for five years, after which the technology will be outdated and the assets will have no value.

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Ignoring income taxes and using present value, what is the approximate rate of return earned by the investment?