Hinck Corporation is investigating automating a process by purchasing a new machine for $523,000 that would have a 10 year useful life and no salvage value. By automating the process, the company would save $155,000 per year in cash operating costs. The company's current equipment would be sold for scrap now, yielding $30,000. The annual depreciation on the new machine would be $52,300. (Ignore income taxes.)

Determine the simple rate of return on the investment to the nearest tenth of a percent. (Round your answer to 1 decimal place.)

Simple rate of return

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