Sheridon Corporation is investigating automating a process by purchasing a new machine for $483,000 that would have a 7 year useful life and no salvage value. By automating the process, the company would save $140,000 per year in cash operating costs. The company 's current equipment would be sold for scrap now ,yielding $29,000. The annual depreciation oon the new machine would be $69,000. Determine the simple rate of return on the investment to the nearest tenth of a percent. ( SHOW WORK)