The management of Nixon Corporation is investigating purchasing equipment that would cost $$520,000$ and have a $7$ year life with no salvage value. The equipment would allow an expansion of capacity that would increase sales revenues by $$365,000$ per year and cash operating expenses by $$211,500$ per year. $($Ignore income taxes.$)$

Required:

Determine the simple rate of return on the investment. $($Round your answer to $1$ decimal place.$)$

$\%$