(Ignore income taxes in this problem.) The management of Stanforth Corporation is investigating automating a process. Old equipment, with a current salvage value of $12,000, would be replaced by a new machine. The new machine would be purchased for $444,000 and would have a 6 year useful life and no salvage value. By automating the process, the company would save $153,000 per year in cash operating costs. The simple rate of return on the investment is closest to:

18.3%

17.8%

34.5%

16.7%