Josie Nosie Corporation has gathered the following data on a proposed investment project (Ignore income taxes.) Investment required in equipment $ 33,000 Annual cash inflows $7.200 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.) 11.1% 21.2% 15.2% 24.096