Denny Corporation is considering replacing a technologically obsolete machine with a new state-of-the-art numerically controlled machine. The new machine would cost $330,000 and would have a twelve-year useful life. Unfortunately, the new machine would have no salvage value. The new machine would cost $56,000 per year to operate and maintain, but would save $97,000 per year in labor and other costs. The old machine can be sold now for scrap for $33,000. The simple rate of return on the new machine is closest to (Ignore income taxes.) : (Round your answer to 1 decimal place.)
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