An investment of P$275000$ in a new machine could reduce the annual cost of operations by P$80000.$ It would cost P$12000$ per year to maintain the machine which would last for $10$ years with neglible scrap value. A constant annual deposit in a fund is made at an interest of $8\%$ per annum to accumulate and reciver the first cost of the machine in $10$ years. Find the rate of return on the investment in percent.

The answer should be $12\mathrm{.}19\%$