Russnak Corporation is investigating automating a process by purchasing a new machine for $513,000 that would have a 8 year useful life and no salvage value. By automating the process, the company would save $135,000 per year in cash operating costs. The company's current equipment would be sold for scrap now, yielding $20,000. The annual depreciation on the new machine would be $64,125. (Ignore income taxes.) Required: Determine the simple rate of return on the investment. Note: Round your answer to 1 decimal place. Simple rate of return 7.5 %