Joetz Corporation has gathered the following data on a proposed investment project (Ignore income taxes.): Investment required in equipment Annual cash inflows $36,500 $8,600 Salvage value of equipment Life of the investment 15 years 10% Required rate of return 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: Multiple Choice 12.0% 28.4% 16.9% 24.2%