Jark Corporation has invested in a machine that cost $60,000, that has a useful life of five years, and that has no salvage value at the end of its useful life. The machine is being depreciated by the straight-line method, based on its useful life. It will have a payback period of three years. Given these data, the simple rate of return on the machine is closest to (Ignore income taxes.):

Multiple Choice

• 9.7%

• 10.8%

• 13.3%

• 53.3%