The management of Schenk Corporation is investigating automating a process by replacing old equipment by a new machine. The old equipment would be sold for scrap now for $13,000. The new machine would cost $648,000, would have a 9 year useful life, and would have no salvage value. By outomoting the process, the company would save $186,000 per year in cash operating costs. (Ggnore income taxes). Required: Determine the simple tate of return on the investment to the nearest tenth of a percent