Current Attempt in Progress Sweet Acacia Company is considering a capital investment of $167,000 for a new machine. The new machine is expected to have a useful life of 5 years with no salvage value. It is estimated that annual revenues would increase by $62,200 during the life of the machine. It is estimated that annual expenses during the life of the machine would increase by $23,623, which does not include annual depreciation. Sweet Acacia uses the straight-line method of depreciation. Sweet Acacia's minimum acceptable rate of return on projects is 9%. Calculate the annual rate of return on the proposed capital expenditure. (Round answer to 2 decimal places, e.g. 15.25%.) Annual rate of return %