The management of Nixon Corporation is investigating purchasing equipment that would cost $530,000 and have a 7 year life with no salvage value. The equipment would allow an expansion of capacity that would increase sales revenues by $370,000 per year and cash operating expenses by $214,000 per year. (Ignore income taxes.) Required: I Determine the simple rate of return on the investment. (Round your answer to 1 decimal place.) Simple rate of return %