Joetz Corporation has gathered the following data on a proposed investment project (Ignore income taxes.):

Investment required in equipment$36,000Annual cash inflows$8,400Salvage value of equipment$0Life of the investment15yearsRequired rate of return10%

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 for the investment (rounded to the nearest tenth of a percent) is:(Round your answer to 1 decimal place.)

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