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At the beginning of the year DRJ Enterprises reported gross fixed assets of $ 7 2 6 million and net fixed assets of $ 3

At the beginning of the year DRJ Enterprises reported gross fixed assets of $726 million and net fixed assets of $378 million; at the end of the year, it reported gross fixed assets of $578 million and net fixed assets of $217. During the year, the company invested an additional $94 million in fixed assets and recognized depreciation of $72 million. Calculate the fixed asset renewal rate for the company. Present your results in percentage terms, rounded to one decimal place (e.g.,12.3%).

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