(ignore income tax) The Hinck Corp is purchasing a new machine for $520,000 that would have an eight year useful life and no salvage value. The company would save $134,000 per year in cash operating costs. The company's current equipment would be sold for scrap, yielding $22,000. The annual depreciation on the new machine would be $65,000.

What is the simple rate of return on the investment to the nearest tenth of a percent?