The Jackson Company has invested in a machine that cost $60,000, that has a useful life of five 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 three years. Given these data, the simple rate of return on the machine is closest to: (Ignore income taxes.) (Round your answer to 1 decimal place.)

9.7%

53.3%

13.3%

10.8%