left out answer choice is 16%

Assume the following information for a capital budgeting proposal with a five-year time horizon: Initial investment : Cost of equipment (zero salvage value) $ 554, 900 Annual revenues and costs: Sales revenues $ 300, 000 Variable expenses $ 130, 000 Depreciation expense $ 50, 000 Fixed out- of-pocket costs $ 40, 000 This proposal's simple rate of return is closest to: Multiple Choice O 14% O 23%. O 22%