The Jackson Company has invested in a machine that cost $51,000, that has a useful life of fifteen years, and that has no salvage value at the end of its useful life. The machine is being depreciated by the straight-line method, based on its useful life. It will have a payback period of eight years. Given these data, the simple rate of return on the machine is closest to: (Ignore income taxes in this problem.) (Round your answer to 1 decimal place.)

• 2.2%

• 3.3%

• 5.8%

• 19.2%