Russnak Corporation is investigating automating a process by purchasing a new machine for $$503,000$ that would have a $8$ year useful life and no salvage value. By automating the process, the company would save $$135,000$ per year in cash operating costs. The company's current equipment would be sold for scrap now, yielding $$33,000.$ The annual depreciation on the new machine would be $$62,875.($Ignore income taxes.$)$

Required:

Determine the simple rate of return on the investment.

Note: Round your answer to $1$ decimal place.

Simple rate of return $$