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Gorman Inc. has invested $140,000 in a new machine, which is expected to save $28,400 cash per year over its estimated life of 10 years.

Gorman Inc. has invested $140,000 in a new machine, which is expected to save $28,400 cash per year over its estimated life of 10 years. What do they expect as the time-adjusted rate of return, to the nearest .5%?

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