Problem 13-144 Sheridon Corporation is investigating automating... Sheridon Corporation is investigating automating a process by purchasing a new machine for $483,000 that would have a 7 year useful life and no salvage value. By automating the process, the company would save $140,000 per year in cash operating costs. The company's current equipment would be sold for scrap now, yielding $29,000. The annual depreciation on the new machine would be $69,000. (Ignore income taxes) Required: Determine the simple rate of return on the investment. (Round your answer to 1 decimal place. Omit the "%" sign in your response.)