TB MC Qu. 12-98 The management of Ro Corporation is... 34 The management of Ro Corporation is investigating automating a process. Old equipment, with a current salvage value of $27,000, would be replaced by a new machine. The new machine would be purchased for $474,000 and would have a 6 year useful life and no salvage value. By automating the process, the company would save $163,000 per year in cash operating costs. The simple rate of return on the investment is closest to (Ignore income taxes.): (Round your answer to 1 decimal place.) 10 points Skipped Multiple Choice 18.8% 17.7% 34.4% 16.7%