(Ignore income taxes in this problem) Sam Corporation is investigating automating a process by purchasing a new machine for $483,000 that would have a 7 year useful life and no salvage value. By automating the process that would increase sales revenues by $438,000 per year and cash operating expenses by $258.000 per year. The company's current equipment would be sold for scrap now, yielding $29,000. The annual depreciation on the new machine would be $69.000. Required: Determine the simple rate of return on the investment to the nearest tenth of a percent. Show your work!