Denny Corporation is considering replacing a technologically obsolete machine with a new state-of-the-art numerically controlled machine. The new machine would cost $220,000 and would have a sixteen-year useful life. Unfortunately, the new machine would have no salvage value. The new machine would cost $34,000 per year to operate and maintain, but would save $70,000 per year in labor and other costs. The old machine can be sold now for scrap for $22,000. The simple rate of return on the new machine is closest to (Ignore income taxes.): (Round your answer to 1 decimal place.) Multiple Choice 10.11% 31.82% 22.47% 11.24%