Can you help me compute the following problem:

I arrive at 4.58 by dividing 33,000 / 7,200 but don't know what's next.

JCorporation has gathered the following data on a proposed investment project (Ignore income taxes.):

Investment required in equipment $33,000

Annual cash inflows $7,200

Salvage value of equipment $0

Life of the investment 15 years

Required rate of return 10 %

The company uses straight-line depreciation on all equipment. Assume cash flows occur uniformly throughout a year except for the initial investment.

The simple rate of return for the investment (rounded to the nearest tenth of a percent) is: