Tyler Company is considering a capital investment of $162,000for a new machine. The new machine is expected to have a useful life of5years with no salvage value. It is estimated that annual revenues would increase by $66,000during the life of the machine. It is estimated that annual expenses during the life of the machine would increase by $28,335, which does not include annual depreciation. Tyler's minimum acceptable rate of return on projects is9%. Calculate the annual rate of return on the proposed capital expenditure.(Round answer to 2 decimal places, e.g. 15.25%.)