(Ignore income taxes in this problem). The management of Orebaugh Corporation is investigating automating a process by replacing old equipment by a new machine. The old equipment would be sold for scrap now for $15,000. The new machine would cost $445,000, would have a 5 year useful life, and would have no salvage value. By automating the process, the company would save over $165,000 per year in cash operating costs. Required: Determine the simple rate of return on the investment to the nearest tenth of a percent.