Amber Company is considering a one-year project that requires an initial investment of $500,000. However, to raise this capital, the company will incur flotation costs that are 2% of the initial investment amount. At the end of the year, the project is expected to produce a cash inflow of $586,000. What is the rate of return that the company expects to earn on this project after taking flotation costs into consideration? Your answer should be between 7.32 and 16.60 , rounded to 2 decimal places, with no special characters