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

Investment required in equipment $ $30,000$

Annual cash inflows $ $6,000$

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: