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

Investment required in equipment

$

38,000

Annual cash inflows

$

9,200

Salvage value of equipment

$

0

Life of the investment

15

years

Required rate of return

10

%

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.)