(Ignore income taxes in this problem.) Overland Corporation has gathered the following data on a proposed investment project: $690,000 $ 62,000 Investment required in equipment Annual cash inflows Salvage value of equipment Life of the investment Required rate of return $ O 16 years 6 % The company uses straight-line depreciation on all equipment. Assume cash flows occur uniformly throughout a year except for the initial investment. The simple rate of return on the investment is: (Round your answer to the nearest interest rate.) OOOO