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A concrete plant is considering a new piece of equipment with an initial cost of Rs. 75,000 and a salvage value of Rs. 15,000 at the end of its 25-year useful life. The annual maintenance cost for this piece of equipment is projected to be Rs. 10,500. The equipment will produce an annual labor savings of Rs. 24,000. What is the approximate projected before-tax rate of return on the equipment?
5.70%
17.80%
19.30%
22.40%