The management of Chevron Corporation is investigating automating a process. Old equipment, with a current salvare value of 518,000, would be replaced by a new machine. The new machine would be purchased for $456,000 and would have a 6 year useful life and no Salvage value. By automating the process, the company would save $157,000 per year in cash operating costs. The simple rate of return on the investment is dosest to onore income taxes.): (Round your answer to 1 decimal place.) 18.5%