Joetz Corporation has gathered the following data on a proposed investment project (Ignore income taxes.): Investment required in equipment$36,000 Annual cash inflows $8,400 Salvage value of equipment$0 Life of the investment 15years Required rate of return 10% The company uses straight-line depreciation on all equipment. Assume cash flows occur uniformly throughout a year except for the initial investment. The simple rate of return for the investment (rounded to the nearest tenth of a percent) is: (Round your answer to 1 decimal place.) Noreen_5e_Rechecks_2019_10_16 Multiple Choice 27.8% 16.7% 23.8%