Hinck Corporation is investigating automating a process by purchasing a new machine for $512,000 that would have a 10 year useful life and no salvage value. By automating the process, the company would save $130,000 per year in cash operating costs. The company's current equipment would be sold for scrap now, yielding $19,000. The annual depreciation on the new machine would be $51,200. (lgnore income taxes.) Required: 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 16.01%