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Hamell Company has gathered the following data on a proposed investment project: Discount rate 10% Life of the project 10 years Initial investment $320,000 Annual

Hamell Company has gathered the following data on a proposed investment project:

Discount rate 10% Life of the project 10 years Initial investment $320,000 Annual cash inflows $51,200 Salvage value $0

Assume that excess of incremental revenues over the incremental expenses (including depreciation) equal the annual cash inflows. The simple rate of return on the proposed investment is closest to: (Round your answer to 1 decimal place.)

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